Technical analysis

GBPCAD Wave Analysis 22 April, 2021

• GBPCAD reversed from resistance area

• Likely to fall to support level 1.7200

GBPCAD recently reversed down sharply from the resistance area located between the pivotal resistance level 1.75863 (former resistance from the start of March), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward correction 2 from February.

The downward reversal from this resistance area created the daily candlesticks reversal pattern Evening Star.

GBPCAD is likely to fall further toward the next support level 1.7200 (which has been reversing the price form January).

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