GBPCAD recently reversed down from resistance zone lying between the strong resistance level 1.7040 (top of the previous impulse wave 1), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from May.
The downward reversal from this resistance area stopped the earlier impulse wave 3 and (3).
GBPCAD is expected to fall further and retest the next support level – 1.6700 (low of the earlier correction 2).
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