Technical analysis

GBPCAD Wave Analysis – 20 August, 2021

• GBPCAD reversed from resistance zone

• Likely to fall to support level 1.7400

GBPCAD currency pair recently reversed down from the resistance zone located between the powerful resistance level 1.7560 (which has been reversing the price from March) and the upper daily Bollinger Band.

The downward reversal from this resistance zone created the daily Japanese candlestick reversal pattern Shooting Star.

Given the strength of the aforementioned resistance zone, GBPCAD can be expected to fall further toward the next support level 1.7400.

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