GBPCAD Wave Analysis 11 March 2024

– GBPCAD reversed from resistance level 1.7325

– Likely to fall to support level 1.7200

GBPCAD currency pair today reversed down from the long-term resistance level 1.7325 (which has been reversing the pair from the middle of last year, as can be seen below).

The resistance level 1.7325 was further strengthened by the upper daily and the weekly Bollinger Bands.

Given the strength of the resistance level 1.7325 and the still overbought daily Stochastic indicator,  GBPCAD currency pair can be expected to fall further toward the next support level 1.7200 (low of the previous correction iv).