• GBPCAD reversed from support zone
• Likely to rise to resistance level 1.7250
GBPCAD currency pair recently revered up from the support zone lying between the round support level 1.7024 (which has been reversing the price from the middle of May), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from the start of May. The upward reversal from this support zone stopped the previous short-term ABC correction wave 2, which belongs to the higher order upward impulse sequence (3) from the start of May.
Given the strong sterling optimism – GBPCAD currency pair can be expected to rise further toward the next resistance level 1.7250 (top of the previous minor impulse wave (i) from the middle of June).