GBPCAD Wave Analysis – 04 August, 2020

• GBPCAD reversed from resistance level 1.7690

• Likely to fall to 1.7300

GBPCAD recently reversed down with the daily Shooting Star from the powerful resistance level 1.7690 (monthly high from May) – standing well above the upper daily Bollinger Band.

The downward reversal from the resistance level 1.7690 started the active short-term corrective wave (iv).

GBPCAD is likely to fall further toward the next support level 1.7300 (likely price for the completion of the active correction (iv)).