Technical analysis

GBPCAD Wave Analysis – 27 December, 2022

GBPCAD Wave Analysis – 27 December, 2022

• GBPCAD reversed from resistance level 1.6655

• Likely to fall to support level 1.6000

GBPCAD continues to fall inside the weekly downward retracement which started earlier from the key resistance level 1.6655 (former multi-year support level which has been reversing the price from the end of 2019).

The downward reversal from the resistance level 1.6655 previously formed the weekly Evening Star candlesticks reversal pattern.

Given the still overbought weekly Stochastic, GBPCAD can be expected to fall further toward the next round support level 1.6000.

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