Categories: Technical analysis

GBPCAD Wave Analysis – 29 March, 2019

  • GBPCAD falling inside impulse wave (3)
  • Further losses are likely

GBPCAD continues to fall inside the medium-term impulse wave (3), which stated earlier from the resistance area lying between the multi-month resistance level and the upper daily Bollinger Band.

The price earlier broke the key support level 1.7420 (low of the previous waves 4 and (1)) – which should strengthen the bearish pressure on this pair.

GBPCAD is expected to fall further and re-test the next support level 1.7300.

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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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