GBPCAD Wave Analysis – 25 August, 2020

• GBPCAD reversed from support area

• Likely to rise to 1.7450

GBPCAD recently corrected up from the support zone lying between the pivotal support level 1.7210 (former resistance from the start of July), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse 1 from June.

The upward reversal from this support area stopped the previous minor ABC correction 2.

GBPCAD is likely to rise further toward the next resistance level 1.7450 (top of the (b)-wave of the previous ABC correction 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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