• GBPCAD reversed from support area
• Likely to rise resistance level 1,7500
GBPCAD currency pair recently reversed up from the support area located between the pivotal support level 1.7270 (which also reversed the price at the start of August) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Piercing Line – which stopped the previous short-term corrective wave ((ii)).
Given the bullish sterling sentiment seen across the currency markets today – GBPCAD can be expected to rise further toward the next resistance level 1,7500 (which stopped the price earlier this month). Strong support remains at the support level 1.7270.