GBP/CAD: buy target – 1.9000
By: Dima Chernovolov
- GBP/CAD broke resistance level 1.8600
- Next buy target – 1.9000
GBP/CAD today broke the resistance level 1.8600 (which reversed the previous waves 4 and (1) in April, as you can see below). The breakout of this resistance level continues the active intermediate impulse wave (3) – which started earlier this month, when the pair reversed up from the support area lying at the intersection of the support trendline of the long-term up channel from 2014, the former resistance trendline of the recently broken narrow down channel from February and the support level 1.8240 (which also reversed the previous primary ABC correction ② in April).
GBP/CAD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target 1.9000.