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).

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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.

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