• GBPCAD reversed from support zone
• Likely to rise to resistance level 1.7200
GBPCAD currency pair continues to rise inside the intermediate impulse wave (1) – which started earlier from the strong support zone lying between the major long-term support level 1.6845 (which has been reversing the price from May of 2020, as can be seen from the daily GBPCAD chart below) and the lower daily Bollinger Band. The upward reversal from the support level 1.6845 created the daily candlesticks reversal pattern Piercing Line.
Given the strength of the aforementioned support zone – GBPCAD currency pair can be expected to rise further toward the next resistance level 1.7200 (former powerful support from January, March and April).