GBPCAD Wave Analysis – 15 May, 2020

• GBPCAD broke support zone

• Likely to fall to 1.7000

GBPCAD recently broke the support zone lying between the key support level 1.7190 (monthly low from April) and the 50% Fibonacci correction of the previous upward impulse wave 1.

The breakout of this support zone should accelerate the active minor impulse wave (c) of the ABC correction 2 from the end of March.

GBPCAD is likely to fall further toward the next round support level 1.7000 (likely price for the completion of the active wave 2).