Technical analysis

GBPCAD Wave Analysis 6 May, 2021

• GBPCAD under bearish pressure

• Likely to fall to support level 1.6800

GBPCAD under the bearish pressure after the price broke the key support level 1.6965 (which has been reversing the price from the middle of Decembers).

The breakout of the support level 1.6965 should accelerate the active minor impulse wave c – if the price closes today below 1.6965.

GBPCAD is likely to fall further toward the next support level 1.6800 (former strong support from September and December and the target price for the completion of the active impulse wave (c)).

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