Examining GBPCAD on the MN timeframe, it can be seen that this pair ranging between the 50.0 level to the 61.8 Fibo level because it managed to continue to bullish after the breakout of the 38.2 Fibo level in early November 2022.
Therefore go-long positions can be an option if the price is able to breakout the 61.8 level towards the 100.0 Fibo level.
However, we still have to pay attention to the possibility of a trend reversal, referring to the stochastic indicator which seems to have saturated due to overbought.
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