Technical analysis

GBPCAD Wave Analysis – 13 February 2023

• GBPCAD reversed from key support level 1.6110

• Likely to rise to resistance level 1.6325

GBPCAD currency pair recently reversed up from the key support level 1.6110 (previous monthly low from January), standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 1.6110 stopped the previous minor impulse wave (iii).

Given the oversold daily Stochastic, GBPCAD can be expected to rise further toward the next resistance level 1.6325 (top of the previous short-term correction (ii)).

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