Pressure Mounts on GBP/CAD's Long-Term Support

March brought significant activity with an attempt to break above the resistance, which proved unsuccessful as the price retreated, followed by a robust bounce off the support underscored by a notable hammer candlestick in blue. As the lines of the triangle converge, indicating the narrowing of the pattern, the market stands on the brink of a decisive movement. A breakout above the yellow resistance suggests a bullish opportunity, signaling a potential long position, while a breach below the black support line could initiate a sell-off.

Given the ongoing pressure from sellers testing the resilience of the support line, the likelihood tilts slightly more towards a bearish breakout. However, the market's direction will ultimately hinge on the impending breakout, marking a critical juncture for long-term traders of this pair.