The GBPCAD pair capitalized on the consistent support above the 0.6830 level, triggering a bullish surge that propelled it towards 1.7130 recently. This upward movement substantiates the previously anticipated bullish scenario.
Furthermore, the stochastic indicator reaching overbought regions and the 1.7000 level attempting to establish additional support enhance the likelihood of a resumption in the bullish trajectory. The upcoming target is foreseen at 1.7185, with a potential extension to challenge the previous high at 1.7340 upon surpassing this hurdle.
For today’s trading, the expected range is forecasted to fluctuate between 1.7050 and 1.7180.
In terms of the prevailing trend, the outlook for the day remains bullish. Traders are advised to stay vigilant for potential developments in the market that may influence the currency pair’s trajectory.