Technical analysis

GBPCAD Wave Analysis – 10 June, 2019

GBPCAD Wave Analysis – 10 June, 2019
  • GBPCAD broke support area
  • Further losses are likely

GBPCAD recently broke sharply through the support area lying between the key support level 1.6970 (former monthly low from February – which created daily Hammer in May) and the support trendline of the daily up channel from last October.

The breakout of this support area accelerated the active impulse wave C – which belongs to the ABC correction (2) from March.

GBPCAD is expected to fall further and retest the next pivotal support level 1.6760 (monthly low from the start of January).

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