GBP/CAD: sell target - 1.9720
By: Dmitriy Chernovolov
- GBP/CAD broke pivotal support level 1.9900
- Next sell target - 1.9720
GBP/CAD continues to fall inside the minor (c)-wave of the active minor ABC correction 2 from last December. The active (c)-wave earlier broke the strong pivotal support level 1.9900 (which has been steadily reversing this currency pair from the start of December, as can be seen from the daily GBP/CAD chart below). The breakout of the support level 1.9900 is likely to strengthen the bearish pressure on this currency pair in the coming trading sessions.
The pair is likely to fall further in the active impulse (c)-wave toward the next sell target at the support level 1.9720 (low of the previous intermediate correction (2) from October and the forecast price for the termination for the active minor ABC correction 2).