GBPCAD Wave Analysis – 10 November, 2021

• GBPCAD reversed from key resistance level 1.6870

• Likely to fall to support level 1.6740                                                                        

GBPCAD currency pair recently reversed down from the key resistance level 1.6870 (former multi-month support from the start of May), intersecting with the 38.2% Fibonacci correction of the downward impulse from the end of October.

The downward reversal from the resistance level 1.6870 started the active minor impulse wave (iii).

GBPCAD can be expected to fall further toward the next support level 1.6740 (low of the earlier impulse wave (i) from the start of November) – from where the price is likely to correct up.