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GBPCAD Wave Analysis 22 October, 2021


10/23/2021 1:24:02 AM

(MENAFN- FxPro)

• GBPCAD reversed from resistance zone

• Likely to fall to support level 1.6900


GBPCAD recently reversed down from the resistance zone lying between the major resistance level 1.7050 (former long-term support from May) and the 61.8% Fibonacci correction of the downward impulse from the start of October.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave 3.

Given the strong bearish sterling sentiment, GBPCAD can be expected to fall further toward the next support level 1.6900 (low of the previous correction 2).

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