GBP/CAD looking to make a solid rebound

GBP/CAD looking to make a solid rebound

GBP/CAD has been starting the week within a range established by our Fibonacci projections across the board. The Fibo level of 50% at 1.6768 is acting as a demand zone and in case that the pair holds last Friday’s lows, it could point to test the -23.6% Fibo level at 1.7343 once it break above November 1st highs. To the downside, if it manages to break below 1.6651, then it can reach the 78.6% Fibo level at 1.6544.

RSI indicator is entering the overbought territory, calling for a pull back.

GBPCADmH1.png

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