Technical analysis

GBPCAD Wave Analysis 30 November 2023

– GBPCAD reversed from resistance level 1.7280

– Likely to fall to support level 1.7100

GBPCAD currency pair recently reversed down from the long-term resistance level 1.7280 (strengthened by the upper daily Bollinger Band), which has been reversing the pair from the start of July, as can be seen below.

The pair is currently forming the daily Evening Star – strong sell signal for this currency pair.

Given the strength of the resistance level 1.7280, strongly overbought daily Stochastic, GBPCAD currency pair can be expected to fall further to the next support level 1.7100.

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