• GBPCAD reversed from support area
• Likely to rise to resistance level 1.7200
GBPCAD recently reversed up sharply from the support area lying between the long-term support level 1.6820 (which has been reversing the price from June) and the lower daily Bollinger Band.
The upward reversal from this support area started the active short-term impulse wave 3.
Give the bullish divergence on the daily Stochastic indicator – GBPCAD is likely to rise further toward the next resistance level 1.7200 (former strong support from March and April).
The single currency is trading near $1.076, waiting for further cues and facing serious resistance…
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