GBPCAD Wave Analysis 5 March, 2021

• GBPCAD broke support level 1.7550

• Likely to fall to support level 1.7480

GBPCAD recently broke the pivotal support level 1.7550 (low of the previous minor correction (a) from the end of February).

The breakout of the support level 1.7550 was preceded by the breakout of the daily up channel from December – which accelerated the active minor correction 4.

GBPCAD is likely to fall further toward the next support 1.7480 (target price for the termination of the active ABC correction 4).