GBPCAD Wave Analysis – 12 June, 2020

• GBPCAD reversed from resistance zone

• Likely to fall to 1.6890

GBPCAD today reversed down from the resistance area located between the pivotal resistance level 1.7200 (former support from April and May), upper daily Bollinger Band and the 38.2% Fibonacci retracement of the previous ABC correction (2) from the start of May.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave 3.

GBPCAD is likely to fall further toward the next support level 1.6890 (which stopped the previous short-term correction 2).