• GBPCAD reversed from support zone
• Likely to reach resistance level 1.700
GBPCAD currency pair recently reversed up sharply from support zone lying between the long-term support level 1.6874 (which stopped the previous extended downward impulse wave at the star of May) and the lower daily Bollinger Band. The upward reversal from this support zone also stopped the previous impulse waves 5 and (C).
Given the strength of the aforementioned support zone, bullish divergence on the daily Stochastic and the clear Canadian dollar beeriness seen across the FX markets today, GBPCAD currency pair can be expected to rise toward the next round resistance level 1.700 .