GBPCAD Wave Analysis – 17 February 2023

• GBPCAD reversed from key support level 1.6110

• Likely to rise to resistance level 1.63000

GBPCAD previously reversed once again from the key support level 1.6110 (previous monthly low from January) standing near the lower daily Bollinger Band.

The support level 1.6110 was further strengthened by the 50% Fibonacci correction of the previous sharp upward impulse from November.

Given the clear daily uptrend, GBPCAD can be expected to rise further toward the next resistance level 1.6300 (top of the previous wave (b)).