GBPCAD Wave Analysis – 27 September, 2019

GBPCAD falling inside the minor correction 2
Likely to fall to 1.6200

GBPCAD has been falling sharply in the last few trading sessions inside the minor correction 2 – which started earlier from the resistance area lying between the resistance levels 1.6700 and 1.6600.

This resistance area was further strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous downward impulse form May.

GBPCAD is expected to fall further and retest the next support level 1.6200 (target price for the completion of the active wave 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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