• GBPCAD reversed from support zone
• Likely to rise to resistance level 1.6900
GBPCAD currency pair continues to rise after the price reversed up from the support zone lying between the key support level 1.6730 (which stopped the price at the start of November) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse wave (iii) of the intermediate C-wave from the middle of August.
Given the strength of the aforementioned the support zone, GBPCAD currency pair can be expected to rise further toward the next resistance level 1.6900 (top of the pervious corrective wave (ii)).
