- GBP/CAD bulls taking on bearish commitments at hourly resistance.
- A 38.2% Fibonacci retracement is a probability as price consolidated the downside.
The daily chart is consolidating the downside following a bearish impulse which gives rise to a 38.2% Fibonacci retracement that meets prior lows.
The following illustrates where the next bullish opportunity could arise before a downside continuation.
From an hourly perspective, the bulls have been resisted on the initial corrective attempts but on a retest of the resistance, the 38.2% Fibonacci level will be exposed again.