GBP/CAD: buy targets - 2.0600 and 2.0800
By: Dmitriy Chernovolov
- GBP/CAD reversed from support zone
- Next buy targets - 2.0600 and 2.0800
GBP/CAD opened this week with the upward gap – following the earlier sharp upward reversal from the strong support zone lying between the support level 2.02000 (which has been reversing the pair from the middle of July, as you can see below) and the 38.2% Fibonacci Retracement of the preceding sharp upward impulse from the start of July. The upward reversal from this support zone completed the previous minor correction 4.
GBP/CAD is expected to rise further in the active minor impulse wave 5 toward the next buy target at the resistance level 2.0600 (which stopped previous impulse 3) – the breakout of which can lead to further gains toward 2.0800.