Technical analysis

GBPCAD Wave Analysis – 28 May, 2021

• GBPCAD reversed from resistance area

• Likely to fall to support level 1.7025

GBPCAD currency pair today reversed down from the resistance area located between the pivotal resistance level 1.7140 (which reversed the price multiples times from start of May), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse ©.

The downward reversal from this resistance area stopped the previous impulse wave (iii).

GBPCAD can then be expected to fall further toward the next support level 1.7025 (which has also been reversing the pair from the start of May).

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