Categories: Technical analysis

GBPCAD Wave Analysis – 7 December, 2021

• GBPCAD broke support level 1.6850

• Likely to fall to support level 1.6740


GBPCAD currency pair recently broke through the support level 1.6850 (which stopped the previous minor correction (b) at the end of November).

The breakout of the support level 1.6850 accelerated the active short-term impulse wave 5 – which started earlier from the major resistance level 1.7065.

GBPCAD can be expected to fall further toward the next support level 1.6740 (which stopped the previous impulse wave 3).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: GBPCAD

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

1 day ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

1 day ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

2 days ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

2 days ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

2 days ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

5 days ago

This website uses cookies