GBPCAD Wave Analysis – 8 February 2023

• GBPCAD reversed from support level 1.6120

• Likely to rise to resistance level 1.6400

GBPCAD currency pair earlier reversed up from the key support level 1.6120, which stopped the previous minor impulse wave (i) at the start of last month.

The upward reversal from the support level 1.6120 stopped the previous minor impulse wave (iii), which belongs to wave 5 from December.

Given the oversold daily Stochastic, GBPCAD can be expected to rise further toward the next resistance level 1.6400.