Technical analysis

GBPCAD Wave Analysis 20 May, 2021

• GBPCAD reversed from the resistance level 1.7140

• Likely to fall to support level 1.7000

GBPCAD recently reversed down from the pivotal resistance level 1.7140 (former monthly low and bottom of wave (a) from April).

The downward reversal from the resistance level 1.7140 stopped the previous impulse waves (iii) and 3.

GBPCAD is likely to fall further toward the next support level 1.7000 (low of the previous correction (ii) from the start of May).

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