GBPCAD Wave Analysis – 24 October , 2018

GBPCAD falling inside short-term impulse wave C
Further losses are likely

GBPCAD continues to fall inside the short-term impulse wave C, which started recently from the resstance area lying at the intersection of the key resistance level 1.7200 (which has been reversing the price from September) and the upper daily Bollinger Band.

The active impulse wave Cs belongs to the medium-term ABC corrective wave 2 from the middle of October.

GBPCAD is expected to fall further and re-test the next strong support level 1.6600 (low of the previous waves (C), 2 and (2)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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