The 61.8% Fibo acts as a strong resistance.
GBP/CAD is slowing down in its correction of yesterday’s sell-off. There are also prospects for a downside extension. The Price Analysis: With the eyebreak of 2022 lows in sessions ahead by bears, the pair is poised for a move away from resistance, as shown in the following analysis/
“‘The hourly chart shows that the price has climbed to the 61.8% territory. If this resistance holds, then the attention will shift to the downside in order to test the support and break the lows in the session ahead. Breaking below 1.69 opens the door to 1.6830s daily target, as shown above. ”
The price is currently stuck at the forecasted level of 61.8% and has begun to show a bearish bias in the hourly timeframe.
