GBPCAD Technical Analysis Report 5 August, 2021

• GBPCAD reversed from resistance area
• Likely to fall to support level 1,7310

GBPCAD currency pair recently reversed down from the resistance area located between the key resistance level 1,7500 (which stopped the earlier minor corrective wave (a) at the end of July, as can be seen below), upper Daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse form February. The downward reversal from this resistance area stopped the previous minor impulse wave (i).

Given the strongly bullish Canadian dollar sentiment seen today, GBPCAD currency pair can be expected to fall further toward the next support level 1,7310 (which stopped the previous minor correction (b) at the end of July).

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