GBP/CAD: sell target - 1.9200
By: Dmitriy Chernovolov
- GBP/CAD falling inside primary impulse wave ③
- Next sell target - 1.9200
GBP/CAD recently fell sharply – following the earlier sharp downward reversal from the resistance zone lying between the resistance levels 1.9720 (previous sell target set for this currency pair) 1.9900. This is the former strong support zone which has been reversing the price from last October, as can be seen from the daily GBP/CAD chart below. The latest downward reversal from this resistance zone accelerated the active primary impulse wave ③.
With the daily Momentum recently reaching new yearly lows - GBP/CAD can be expected to fall further to the next sell target at the support level 1.9200 (target price for the completion of impulse ③).