Technical analysis

GBPCAD Wave Analysis 26 January 2024

– GBPCAD reversed from major resistance level 1.7240

– Likely to fall to support level 1.7000

GBPCAD currency pair recently reversed down from the major resistance level 1.7240 (which has been reversing the price from the end of August).

The downward reversal from the resistance level 1.7240 created eth daily candlesticks reversal pattern Dark Cloud Cover.

Given the strength of the resistance level 1.7240, GBPCAD can be expected to fall further to the next support level 1.7000 (low of the previous correction ii).

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