Technical analysis

GBPCAD Wave Analysis – 24 July 2023

– GBPCAD reversed from major resistance level 1.7310

– Likely to fall to support level 1.6600

GBPCAD currency pair recently reversed down from the major resistance level 1.7310, previous yearly high from last year – standing above the upper weekly Bollinger Band.

The downward reversal from the resistance level 1.7310 stopped the previous intermediate impulse wave (3).

Given the strongly bullish CAD sentiment seen today, GBPCAD can be expected to fall further toward the next support level 1.6600 (low of the previous correction (2)).

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