The market is a bit quiet, but I’m sure it’s a lull before the storm. As you know, it’s all about the Bank of England as they are due to release interest rates decision and inflation report. With that, the GBP/CAD is stuck in a narrow trading range, and it may offer us a quick trade upon the release of BOE news.
This GBP/CAD pair seems ready to resume its uptrend as it found support at the bottom of the ascending channel visible on the 4-hour time frame. The support stays around 1.7515, along with resistance at 1.7566.
GBP/CAD Stuck In Range, Wait for a Breakout! by alibfx on TradingView.com
I’m deeming of taking the trade at (1.7550) for a long position, but the upcoming news is keeping me on hold. Technically, the 20, 25 and 50 periods EMA are suggesting a buying trend.
There’s also a double top resistance at 1.7570 and support around 1.7514. The bullish breakout can offer a buying opportunity until 1.7600 and 1.7635.
Whereas, a bearish breakout at 1.7515 can lead GBPCAD towards 1.7445. Brace yourself for a breakout trade, and all the best!