GBPCAD Wave Analysis 19 November, 2020

• GBPCAD reversed from resistance level 1.7350

• Likely to fall to 1.7200

GBPCAD recently reversed down from the resistance level 1.7350 (former monthly high from October) – intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward ABC wave 2 from July .

The downward reversal from the resistance level 1.7350 stopped the previous short-term impulse wave (iii) from October.

With the overbought daily Stochastic – GBPCAD is likely to fall further toward the next support level 1.7200 (which has been reversing the price from the start of November).