Categories: Technical analysis

GBPCAD Wave Analysis 9 March, 2021

• GBPCAD reversed from the support level 1.7480

• Likely to reach resistance level 1.7660

GBPCAD recently reversed up from the support level 1.7480 (former low of wave (iv) from February) – intersecting with the lower daily Bollinger Band and 38.2% Fibonacci correction of the upward impulse from December.

The price will create the daily candlesticks reversal patter Morning Star – if the pair closes today near the current levels.

Given the clear bullish sterling sentiment seen today – GBPCAD is likely to rise further toward the next resistance level 1.7660 (previous minor reversal pivot).

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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Tags: GBPCAD

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