GBPCAD corrective pullback, support retest at 1.8500The GBPCAD currency pair price action sentiment appears Bullish, supported by the current rising trend. The recent intraday price action seems to be a sideways consolidation breakout.
The key trading level is at the 1.8500 level, the previous consolidation price range. A corrective pullback from the current levels and a bullish bounce back from the 1.8500 level could target the upside resistance at 1.8890, followed by the 1.9000 and 1.9090 levels over the longer timeframe.
Alternatively, a confirmed loss of the 1.8500 support and a daily close below that level would negate the bullish outlook, opening the way for a further retracement and a retest of 1.8430 support level, followed by 1.83450 levels.
Conclusion:
As long as 1.8500 holds, the bias remains bullish, favouring continuation toward the 1.8900 zone. A confirmed break below this support would shift momentum, opening the door for a broader corrective decline.
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