• 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).
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