GBPCAD Wave Analysis – 29 April, 2020

GBPCAD reversed from support area
Likely to rise to 1.7680

GBPCAD today reversed up from the support area lying between the support level 1.7270 (from strong resistance from the middle of March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse 1.

The upward reversal from this support area stopped the earlier short-term ABC correction (ii) from the middle of April.

GBPCAD is expected to rise further toward the next resistance level 1.7680 (top of the previous impulse wave (i)).

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.

Next AUDCAD Wave Analysis – 29 April, 2020 »

Previous « FxPro Daily Insight for April 30

Published by

The FxPro Tech Analysis Team

Tags: GBPCAD

5 years ago

The crypto market is stuck in the mud
Market Picture The crypto market has been hovering in a narrow range for the past…
Crypto market fails to confirm reversal
Market Picture The crypto market is consolidating in the $2.70 trillion area, near the bottom…
What is next: China and US Inflation & Canada’s Rate
The focus returns to inflation in the new week. On Sunday, China is expected to…