GBP/CAD rising inside intermediate impulse wave (3)

GBP/CAD rising inside intermediate impulse wave (3)

  • GBP/CAD rising inside intermediate impulse wave (3)
  • Next buy targets - 0.7100 and 1.7240

GBP/CAD continues to rise inside the sharp intermediate impulse wave (3) – which earlier broke through the resistance zone lying between the resistance levels 1.6950  and 1.6800 (this resistance zone reversed the previous waves (b), 2 (1) and B, as can be seen below). The breakout of this resistance zone coincided with the breakout of the 61.8% Fibonacci correction of the previous downward impulse wave from September. 

GBP/CAD is expected to rise to the next buy target at the resistance level 0.7100 (top of the earlier (4)-wave) – the breakout of which can lead to further gains toward 1.7240 (top of wave (ii) from September).

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