Technical analysis

GBPCAD Wave Analysis – 6 July 2023


– GBPCAD broke sideways price range

– Likely to rise to resistance level 1.7140

GBPCAD currency pair recently broke out of the narrow sideways price range inside which the pair has been trading from the start of May.

The breakout of this price range accelerated the active impulse waves (iii) and iii – which belong to the multi-month impulse sequence C from February.

Given the prevailing daily uptrend, GBPCAD currency pair can be expected to rise further toward the next resistance level 1.7140 (previous monthly high from May).

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