Bulls Up to the Task on GBP/CAD from 1.7567?

The Great Britain pound versus the Canadian dollar currency pair seems to be attempting a rotation from the 1.7567 area. Are the bears sufficiently determined to hamper the bullish plans?

Long-term perspective
After validating the 1.7567 area following the false piercing labeled by the 1.7674 high, the price went into a descending phrase that stopped only after reaching the 1.6810 low.
From 1.6810, the price climbed very close to the same 1.7567 level, not being able for more than etching the 1.7496 high. As a result, the bears went for another ride, pressuring the price until it depreciated to 1.6768, thus printing a lower low.
After assessing the situation, the bulls concluded that if they let the bears win more ground, they may end up losing the 1.6724 support to them. Consequently, avoiding that required them to secure a support area. So, after rising again and noting the 1.7483 high, the 1.7285 intermediary level was deemed fit for the job — for the bears would be limited in their attempts to sink the price again.
This allowed the bulls to gain traction and pierce 1.7567. Of course, the bears were not ready to let go without a fight, as the 1.7349 low highlights. Nevertheless, the bulls accelerated and pierced 1.7567 — along with the 1.7705 and the 1.7792 intermediary levels, respectively.
As the price printed a throwback, the bulls have their chance to continue with their plans. So, as long as the firm area of 1.7567 remains support, 1.7705 and 1.7792 are bullish objectives. On the other hand, if the price slips under 1.7567, then 1.7445 is the next bearish target.

Short-term perspective
From the 1.7349 low, the price started a rise that stopped a hair away from 1.7887. From there, the bears took action and began a decline — one that the bulls are endeavoring to limit at the 1.7628 zone.
As the 1.7551 and 1.7562 lows point out, the bulls — at least, until now — are doing a great job.
So, after 1.7628 is validated as support, the 1.7701 level is the next area to be conquered by the bulls, which, if it is, opens the door to 1.7791 and 1.7887, respectively.
Only if 1.7487 becomes a resistance, then the bears could further the decline to 1.7337.

Levels to keep an eye on:

D1: 1.7567 1.7705 1.7792 1.7445
H4: 1.7628 1.7701 1.7791 1.7887 1.7487 1.7337

If you have any questions, comments, or opinions regarding the Technical Analysis, feel free to post them using the commentary form below.

Original from: www.earnforex.com