Technical analysis

GBPCAD Wave Analysis – 25 August, 2021

• GBPCAD reversed from support zone

• Likely to rise to resistance level 1,7400.

GBPCAD recently reversed up from the support zone located between the support level 1.7265 (low of the earlier correction (ii)) and the lower daily Bollinger Band.

The upward reversal from this support zone continues the active short-term impulse wave 3, which belongs to wave (3) from May.

Given the improvement in sterling sentiment, GBPCAD can be expected to rise further toward the next resistance level 1,7400.

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