GBP/CAD: buy targets - 2.0060 and 2.0200
By: Dmitriy Chernovolov
- GBP/CAD reached sell target 1.9750
- Next buy targets - 2.0060 and 2.0200
GBP/CAD continues to rise after the recent upward reversal from the support level 1.9750, which was set as the sell target in our previous forecast for this currency pair. The pair reversed up from the support zone surrounding the support level 1.9750 with three consecutive Japanese candlesticks reversal patterns – Morning Star and two Bullish Engulfing patterns (as can be seen on the daily GBP/CAD chart below).
GBP/CAD is likely to rise further toward the next resistance level 2.0060 (which reversed previous wave 2, former strong support level which stopped previous wave (A) in September) – the breakout of which can lead to further gains toward 2.0200.