Technical analysis

GBPCAD Wave Analysis – 22 July, 2022

GBPCAD Wave Analysis – 22 July, 2022

• GBPCAD reversed from support area

• Likely to rise to next resistance level 1.5560

GBPCAD currency pair recently reversed up from the support area lying between the key support 1.5355 (which stopped the previous impulse wave (i) in the middle of July) and the lower daily Bollinger Band.

The upward reversal from this support area will most likely form the daily Bullish Engulfing – if the pair closes today near the current levels.

GBPCAD can be expected to rise further toward the next resistance level 1.5560 (top of the previous minor correction (ii)).

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