Technical analysis

GBPCAD Wave Analysis 25 April 2024

– GBPCAD reversed from key support level 1.6910

– Likely to rise to resistance level 1.7230

GBPCAD currency pair recently reversed up sharply from the key support level 1.6910, (former monthly low from February), standing well below the lower daily Bollinger Band.

The upward reversal from the support level 1.6910 created the strong daily Japanese candlesticks reversal pattern Bullish Engulfing – which stopped the pervious wave 2.

Give the strength of the support level 1.6910, GBPCAD currency pair can be expected to rise further to the next resistance level 1.7230 (which stopped the pervious wave b).

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