• GBPCAD reversed from resistance zone
• Likely to fall to support level 1.7270
GBPCAD currency pair under the bearish pressure after the pair reversed down from the combined resistance zone set between the resistance levels 1.7600 and 1.7509 (which has been reversing the price from middle of March) and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star, which stopped the previous short-term impulse waves (iii) and 3 of the medium-term impulse wave (C) from the start of May.
Given the strength of the aforementioned resistance zone and strong Canadian dollar gains due to the resumption of the uptrend in Brent and WTI markets, GBPCAD currency pair can be expected to fall further toward the next support level 1.7270 (former double bottom from the middle of August).