Technical analysis

GBPCAD Wave Analysis – 20 July, 2021

• GBPCAD reversed from resistance zone
• Likely to fall to support level 7000.00

GBPCAD recently reversed down from the resistance zone lying between the key resistance level 1.75613 (which stopped the pair in May), upper daily Bollinger band and the 61.8% Fibonacci correction of the downward impulse from February.

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

GBPCAD can be expected to fall toward the next support level 1.7255 (former monthly high from June).

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