Technical analysis

GBPCAD Wave Analysis – 28 June, 20211

• GBPCAD reversed from support level 1.7060

• Likely to rise to resistance level 1.7240

GBPCAD currency pair recently reversed up from the support level 1.7060 (which has been reversing the price from May), intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward price move from May.

The upward reversal from the key support level 1.7060 stopped the previous short-term corrective wave (ii).

GBPCAD can be expected to rise further toward the next resistance level 1.7240 (top of the previous impulse wave i).

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