GBPCAD Wave Analysis – 13 July, 2020

• GBPCAD reversed from resistance area

• Likely to fall to 1.7000

GBPCAD recently reversed down from the resistance area located between the resistance level 1.7200 (top of B-wave from June), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward wave (2) from April.

The downward reversal from this resistance area stopped two previous sharp impulse waves (iii) and 3.

GBPCAD can be expected to fall further toward the next round support level 1.7000 (former top of waves 1 and (i)).