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GBPCAD Technical Analysis Report 27 November, 2020

  • GBPCAD reversed from resistance level 1.7500
  • Likely to fall to 1.7290

GBPCAD continues to fall after the price reversed down with the daily Japanese candlesticks reversal pattern Shooting Star from the key resistance level 1.7500 (which has been reversing the price from the start of August) intersecting with  the upper daily Bollinger Band. The downward reversal form the resistance level 1.7500 marked the end of the previous extended ABC correction 2 from the start of September.

Given the strength of the resistance level 1.7500  and the prevailing bearish sterling sentiment seen across the FX markets today – GBPCAD is likely to fall further toward the next support level 1.7290 (low of the previous minor correction (iv) from the middle of November).

 

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