Categories: Technical analysis

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)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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