Technical analysis

GBPCAD Wave Analysis – 21 February 2023

• GBPCAD broke key resistance level 1.6300

• Likely to rise to resistance level 1.6500

GBPCAD currency pair recently broke the key resistance level 1.6300, which is the top border of the narrow price range inside which the pair has been moving from the start of February.

The breakout of the resistance level 1.6300 coincided with the breakout of the 38.2% Fibonacci correction of the previous sharp downward impulse from January.

GBPCAD can be expected to rise further toward the next resistance level 1.6500 (target for the completion of the active minor correction (b)).

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