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).