EUR/JPY broke key support level 131…
GBP/CAD reached sell target 1.6220
- GBP/CAD reached sell target 1.6220
- Next sell target - 1.6000
GBP/CAD continues to fall after the recent breakout of the key support level 1.6220 (which stopped the previous intermediate impulse wave (3) and which was set as the sell target in our earlier forecast for this currency pair). The breakout of the support level 1.6220 accelerated the active minor impulse wave 3, which belongs to the intermediate impulse (3) from the start of August. GBP/CAD is expected to fall to next sell target at the next support level 1.6000.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.