Categories: Technical analysis

GBPCAD Wave Analysis 11 December 2024

– GBPCAD reversed from strong resistance zone

– Likely to fall to support level 1.8000

GBPCAD currency pair recently reversed down from the strong resistance zone located at the intersection of the upper daily Bollinger Band and the key resistance level 1.8100, which has been reversing the pair from September.

The downward reversal from this resistance zone stopped the C-wave of the previous ABC correction (B) from the end of November.

Given the strength of the resistance level 1.8100, GBPCAD currency pair can be expected to correct down to the next round support level 1.8000.

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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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