GBPCAD Wave Analysis – 10 May, 2019

GBPCAD reversed from resistance area
Further losses are likely

GBPCAD recently reversed from the resistance area lying between the resistance level 1.7700 (which also reversed the price with the weekly Evening Star in April) and the upper weekly Bollinger Band.

This resistance area was further strengthened by the 61.8% Fibonacci correction of the previous weekly ABC correction from March of 2018.

GBPCAD is expected to fall further and retest the next key support level 1.7340 (which reversed the price multiple times in the last few weeks).

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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Tags: GBPCAD

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