If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down again:
-The 1D chart is what you're seeing right now. The exchange rate continues to close above the 61.8% zone on the Fibonacci, which would form the assumption that price is likely to rise to around 1.66920 on the C-D wave of the before turning to go south. Numerous tests of the support TL further support an increase in GBPCAD .
Now as, this is a we would be looking to short as we reach that 1.66920 area. This is inline with my thoughts on the , (retracements are deep and therefore bulls will be stopped as we find resistance).
Please feel free to comment, tell me your thoughts and what you think!