GBPCAD Wave Analysis – 2 May, 2022

• GBPCAD reversed from support zone
• Likely to rise to resistance level 1.6500

GBPCAD currency pair recently reversed up sharply from the support area located between the key support level 1.5910 (which has been reversing the pair from the end of 2016) and the lower weekly Bollinger Band.

The upward reversal from this support area started the active short-term correction (iv).

Given the oversold weekly Stochastic – GBPCAD can be expected to rise further toward the next resistance level 1.6500.