EUR/USD reversed from support zone Next buy target - 1…
GBP/CAD reversed from resistance zone
- GBP/CAD reversed from resistance zone
- Next sell target - 1.6520
GBP/CAD recently reversed down from the resistance zone lying at the intersection of the resistance level 1.7000 and the lower trendline of the daily up channel from January (acting as resistance now after it was broken recently). The downward reversal from this resistance zone accelerated the active minor C-wave of the active intermediate ABC correction (2) from the start of May. GBP/CAD is expected to fall to the next sell target at the next support level 1.6520 (low of the previous waves (a) and 2 and the target price for the completion of the active wave (2)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.