GBPCAD: Market Oversold with Potential for Pullback

GBPCAD seems to be oversold after a recent decline, reaching a strong horizontal daily support level.

Following the test of this support, the pair entered a period of consolidation within a tight range on the 4-hour chart.

A recent breakout above the resistance of this range highlights buyer momentum and points to a potential pullback. The pullback target is set at 1.7691.