Technical analysis

GBPCAD Wave Analysis – 12 August, 2020

GBPCAD Wave Analysis – 12 August, 2020

• GBPCAD broke support level 1.7345

• Likely to fall to 1.7200

GBPCAD recently broke the support level 1.7345 (low of the previous correction (a)), intersecting with the 38.2% Fibonacci retracement of the previous upward impulse from June.

The breakout of the support level 1.7345 accelerated the active impulse wave (c) of the ABC correction (b) from last month.

GBPCAD is likely to fall further toward the next support level 1.7200 (former resistance level from July).

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