GBP/CAD falling inside minor impulse wave
- GBP/CAD falling inside minor impulse wave
- Next sell target - 1.6250
GBP/CAD has been under strong bearish pressure lately – following the earlier downward reversal from the resistance zone lying between the resistance level 1.7550 (monthly high from August), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from June. The downward reversal from the aforementioned resistance zone completed the previous minor correction 4.
GBP/CAD is likely to fall further in the active minor impulse wave 5 toward the next sell target at the support level 1.6680 (which reversed earlier minor impulse wave 3) – the breakout of which can lead to further losses toward 1.6250 (target price for the completion of the active impulse 5).