– GBPCAD reversed from key support level 1.7025
– Likely to rise to resistance level 1.7300
GBPCAD currency pair recently reversed up from the key support level 1.7025 (low of the previous minor correction iv), intersecting with the lower daily Bollinger Band.
The support level 1.7025 was strengthened by the 38.2% Fibonacci correction of the previous sharp upward impulse from June.
Given the clear daily uptrend, GBPCAD can be expected to rise toward the next resistance level 1.7300 (which reversed the previous waves 1 and i).
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