Currency Analyst since 2010

GBP/CAD: next buy target

Dima Chernovolov

  • GBP/CAD reached buy target 1.9250
  • Next buy target - 1.9370

GBP/CAD recently reversed down from the resistance level 1.9250, which was set as the buy target in our previous report for this currency pair. The subsequent minor downward correction (ii) yesterday reversed up from the support zone lying between the round support level 1.9000, the 38.2% Fibonacci Correction of the preceding upward price impulse from January and the support trendline of the daily up channel from the start of this year. The upward reversal form this support zone led to the formation of the strong daily Japanese candlestick reversal pattern – Bullish Engulfing.

GBP/CAD is currently trading close to the resistance level 1.9250. If the price breaks this resistance level, GBP/CAD can be expected to rise further to the next buy target at 1.9370 (top of previous impulse (i)).

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