GBPCAD Technical Analysis Report 28 December, 2020

  • GBPCAD reversed from resistance level 1.7480
  • Likely to fall to 1.7300

GBPCAD currency pair recently reversed down from the major resistance level 1.7480 (which has been steadily reversing this currency pair from the start of August as can be seen from the daily GBPCAD chart below) – strengthened by the  upper daily Bollinger Band. The downward reversal from the resistance level 1.7480 stopped the previous minor impulse wave (c) of the ABC correction (b) from the start of December.

Given the strength of the resistance level 1.7480 and the powerful bearish sterling sentiment seen across the currency markets today – GBPCAD currency pair is likely to fall further toward the next support level 1.7300 (former top of the previous minor correction (a) from the middle of December).

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