• GBPCAD broke long-term resistance level 1.7640
• Likely to reach resistance level 1,7800

GBPCAD continues to rise sharply after this currency pair broke above the major long-term resistance level 1.7640 (which has been steadily reversing the price from last April – as can be seen from the daily GBPCAD chart below). The breakout of this resistance level accelerated the active minor impulse wave C belonging to the sharp upward impulse sequence (B) from the middle of 2020.

Given the powerful bullish sentiment affecting the sterling today – GBPCAD currency pair is likely to rise further toward the next resistance level 1,7800 (former major resistance level from March of 2020 – which stopped the previous correction (a)).