Categories: Technical analysis

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).

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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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