Technical analysis

GBPCAD Wave Analysis – 31 October , 2018

  • GBPCAD reversed from support area
  • Further gains are likely

GBPCAD recently reversed up from the support area between the strong support level 1.6600 (which has been reversing the price form the end of last year) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term (C)-wave, which belongs to the medium-term ABC correction 2 from the middle of October.

GBPCAD is expected to rise further and re-test the next resistance level 1.6930. Strong support remains at 1.6600.

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