Technical analysis

GBPCAD Wave Analysis 14 October, 2020

GBPCAD Wave Analysis 14 October, 2020

• GBPCAD reversed from support area

• Likely to rise to 1.7240

GBPCAD recently reversed up from the support area located between the previous support pivot from September 1.6910 and the lower daily Bollinger Band.

The upward reversal from this support area is likely to create the daily Japanese candlesticks reversal pattern Piercing Line if the pair closes today near the current levels.

GBPCAD is likely to rise further toward the next resistance level 1.7240 (which reversed the price multiple times from the end of September).

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