GBPCAD Wave Analysis – 22 April, 2022

• GBPCAD reversed from support level 1.6320
• Likely to rise to resistance level 1.6475

GBPCAD recently reversed up from the key support level 1.6320 (which has been reversing the price from the end of March) – strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 1.6320 created the daily candlesticks reversal pattern Bullish Engulfing.

Given the clear bullish divergence on the daily Stochastic – GBPCAD can be expected to rise further toward the next resistance level 1.6475 (which stopped the previous waves a and c).