Technical analysis

GBPCAD Wave Analysis 10 May, 2021

• GBPCAD reversed from support area

• Likely to rise to resistance level 1.7200

GBPCAD recently reversed up sharply from the support area lying between the long-term support level 1.6820 (which has been reversing the price from June) and the lower daily Bollinger Band.

The upward reversal from this support area started the active short-term impulse wave 3.

Give the bullish divergence on the daily Stochastic indicator – GBPCAD is likely to rise further toward the next resistance level 1.7200 (former strong support from March and April).

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