GBP/CAD: sell targets - 1.9750 and 1.9500
By: Dmitriy Chernovolov
- GBP/CAD broke round support level 2.0000
- Next sell targets - 1.9750 and 1.9500
GBP/CAD recently broke sharply below the round support level 2.0000, which was mentioned in our previous report for this currency pair. The breakout of this support level accelerated the active impulse wave 3 - which belongs to the intermediate (C)-wave from the end of September. This (C)-wave is a part of the primary ABC correction Ⓑ - which started at the end of August, when the pair reversed down with the Evening Star from the resistance level 2.1000.
With the daily Momentum near the yearly lows - GBP/CAD is likely to fall further toward the next sell targets at the support levels 1.9750 and 1.9500 (standing close to 50% Fibonacci Correction of the previous extended upward (C)-wave from April).