GBP/CAD broke major support level 1.6220

GBP/CAD broke major support level 1.6220

  • GBP/CAD broke major support level 1.6220
  • Next sell targets - 1.6000 and 1.5800

GBP/CAD continues to fall after the latest breakout of the major support level 1.6220, which has been steadily reversing this currency pair from February – as can be seen below. The breakout of the support level 1.6220 should accelerate the active impulse waves 3 and (3) – both of which belong to the primary downward impulse ③ from the start of May. With the accelerating downward Momentum - GBP/CAD is expected to fall to next sell target at the next support levels 1.6000 (target price for the completion of the active impulse 3) and 1.5800 (monthly low from January).

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