GBPCAD Wave Analysis 7 August 2023

– GBPCAD reversed from key support level 1.6900

– Likely to test resistance levels – 1.7110 and 1.7290

GBPCAD recently reversed up from the key support level 1.6900, former strong resistance from May and June.

The support level 1.6900 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from February.

Given the clear daily uptrend, GBPCAD can be expected to rise further toward the next resistance levels – 1.7110 and 1.7290 (target for the completion of the active wave iii).