• GBPCAD reversed from resistance zone
• Likely to fall to support level 1.6770

GBPCAD currency pair recently reversed down with the daily Shooting Star from the resistance zone lying between the key resistance level 1.7080 (which has been reversing the price from the start of June), upper daily Bollinger Band and 38.2% Fibonacci correction of the downward impulse wave 3 from the middle of September. The downward reversal from this resistance zone stopped the previous short-term ABC correction 4.

Given the strongly bearish sterling sentiment seen today, GBPCAD currency pair can be expected to fall further toward the next support level 1.6770 (which reversed the price at the start of November).