Technical analysis

GBPCAD Wave Analysis 23 November, 2020

GBPCAD Wave Analysis 23 November, 2020

• GBPCAD broke resistance area

• Likely to rise to 1.7550

GBPCAD recently broke sharply through the resistance area locate between the resistance level 1.7350 (former monthly high from October) and the 61.8% Fibonacci correction of the previous ABC wave 2 from July.

The breakout of this resistance area accelerated the active minor impulse wave (iii) – which belongs to wave 3 from September.

GBPCAD is likely to rise further toward the next powerful resistance level 1.7550 (multi-month resistance level from the end of August).

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