GBP/CAD: buy target - 2.0800
By: Dmitriy Chernovolov
- GBP/CAD reversed from support zone
- Next buy target - 2.0800
GBP/CAD continues to rise inside the 3rd minor impulse wave 3 – which started recently, when the pair reversed up from the support zone lying between the strong support level 2.0350 (former upper boundary of the sideways price range from October, acting as support now after it was broken), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp upward impulse (v) from the start of December.
GBP/CAD is likely to rise further in the active impulse wave 3 toward the next buy target at the next resistance level 2.0800 (which stopped the (b)-wave of the previous ABC correction 2 from December).