GBPCAD Wave Analysis – 18 October, 2021

• GBPCAD reversed from resistance area• Likely to fall to support level 1,690

GBPCAD currency pair recently reversed down from the resistance area lying between the pivotal resistance level 1,7050 (former strong support from May and June) and the 61.8% Fibonacci correction of the downward impulse from the start of October.

The downward reversal from this resistance area stopped the previous short-term impulse wave 3

Given the strong sterling bearishness, GBPCAD can be expected to fall further toward the next support level 1,690 (which stopped earlier waves (2) and 2).