GBPCAD Wave Analysis 13 September 2024

• GBPCAD reversed from strong resistance level 1.7850
• Likely to fall to support level 1.7700

GBPCAD currency pair today reversed down from the strong resistance level 1.7850, which stopped the previous impulse waves (i) and i in July and August respectively.

The resistance level 1.7850 was further strengthened by the upper daily Bollinger Band.

Given the strength of the resistance level 1.7850 and the bearish divergence on the daily Stochastic, GBPCAD currency pair can be expected to fall further to the next support level 1.7700 (low of the minor correction a from last month).