GBP/CAD broke strong support level 1.7040

GBP/CAD broke strong support level 1.7040

  • GBP/CAD broke strong support level 1.7040
  • Next sell target - 1.6880

GBP/CAD recently broke below the strong support level 1.7040 (which stopped the sharp downtrend in May, as can be seen from the daily GBP/CAD chart below). The breakout of the support level 1.7040 accelerated the active short-term impulse wave 3 of the intermediate impulse wave (C) from June. GBP/CAD is expected to fall further toward the next sell target at the next support level 1.6880 (target price for the termination of the active impulse wave 3).


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The outlook for the GBP

The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?

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