GBP/CAD: sell target - 1.9750
By: Dmitriy Chernovolov
- GBP/CAD falling inside ABC correction (2)
- Next sell target - 1.9750
GBP/CAD continues to fall inside the C-wave of the intermediate ABC correction (2) – which started earlier, in November, when the price reversed down from the combined resistance zone lying at the intersection of the following resistance levels: the upper daily Bollinger Band, the 50% Fibonacci correction of the previous primary ABC correction ② and the resistance level 2.0330 (which also previously reversed the price in October).
GBP/CAD is likely to fall further in the active C-wave toward the next sell target at the strong support level 1.9750 (which stopped the aforementioned primary ABC correction ② in October).