GBP/CAD broke strong resistance level 1.6970

GBP/CAD broke strong resistance level 1.6970

  • GBP/CAD broke strong resistance level 1.6970
  • Next buy target - 1.7200

GBP/CAD today broke sharply above the strong resistance level 1.6970 (which reversed the previous minor correction 4 in June and also at the start of October, as can be seen from the daily GBP/CAD below). The breakout of the resistance level 1.6970 should accelerate the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3). GBP/CAD is expected to rise to the next buy target at the next resistance level 1.7200.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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