Technical analysis

GBPCAD Wave Analysis 21 March 2024

– GBPCAD broke support level 1.7200

– Likely to fall to support level 1.7070

GBPCAD currency pair continues to fall after recently breaking the support level 1.7200 (former monthly high from February, which has been reversing the pair from last month).

The breakout of the support level 1.7200 accelerated the active short-term impulse wave c.

Given very strongly bearish sterling sentiment seen today, GBPCAD currency pair can be expected to fall to the next support level 1.7070, coinciding with the support trendline from September.

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