GBP/CAD falling inside minor impulse wave 3

GBP/CAD falling inside minor impulse wave 3

2021-11-11 • Updated

  • GBP/CAD falling inside minor impulse wave 3
  • Next sell target - 1.6500

GBP/CAD continues to fall inside the minor impulse wave 3, which started earlier from the resistance level 1.6800 (which is the lower border of the resistance zone which has been steadily reversing this currency pair from the end of November, as can be seen below). This resistance zone was further strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous sharp downward impulse from September.

GBP/CAD is expected to fall to the next sell target at the support level 1.6500 (former key resistance level, which revered the pair multiple times in February and March).

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