Technical analysis

GBPCAD Wave Analysis 9 April, 2021

GBPCAD Wave Analysis 9 April, 2021

• GBPCAD reversed from support level 1.7210

• Likely to reach resistance level 1.7420

GBPCAD recently reversed up sharply from the pivotal support level 1.7210 (which has been reversing the price from the start of January), strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse 1.

The upward reversal from the support level 1.7210 started the active minor impulse wave (iii) of the impulse wave (3) from December.

GBPCAD is likely to rise further in the active impulse wave (iii) toward the next resistance level 1.7420 (which has been reversing the price from the middle of March).

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