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GBPCAD Technical Analysis Report 20 July, 2021

• GBPCAD reversed from resistance area
• Likely to fall to support level 1.7254

GBPCAD currency pair falling today after the pair reversed down with the daily Japanese candlesticks reversal pattern Shooting Star from the resistance area lying between the key resistance level 1.7570 (previous multi-month high from April) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves (iii) and C.

Given the powerful sterling pessimism on surging delta cases in UK – GBPCAD currency pair can be expected to fall further toward the next support level 1.7254 (low of the previous minor correction (ii) from the start of July and the former monthly high from June).

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