GBPCAD Wave Analysis – 27 October, 2022

• GBPCAD reversed from resistance level 1.5720

• Likely to fall to support level 1.5360

GBPCAD recently reversed down from the key resistance level 1.5720 (which has been steadily reversing the pair from the start of August) intersecting with the upper daily Bollinger Band.

The downward reversal from the resistance level 1.5720 stopped the previous impulse waves (iii) and (c).

Given the clear bearish divergence on the daily Stochastic indicator, GBPCAD can be expected to fall further toward the next key support level 1.5360.