GBPCAD Wave Analysis – 22 October, 2021

• GBPCAD reversed from resistance zone

• Likely to fall to support level 1.6900                                                                     

GBPCAD recently reversed down from the resistance zone lying between the major resistance level 1.7050 (former long-term support from May) and the 61.8% Fibonacci correction of the downward impulse from the start of October.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave 3.

Given the strong bearish sterling sentiment, GBPCAD can be expected to fall further toward the next support level 1.6900 (low of the previous correction 2).