GBP/CAD: sell target - 1.8600
By: Dmitriy Chernovolov
- GBP/CAD reached sell target 1.8900
- Next sell target - 1.8600
GBP/CAD has been falling sharply in the last few trading sessions inside the 3rd intermediate impulse wave (3) – which previously broke through the support level 1.8900, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level is likely to further accelerate the active impulse waves (3) and ⑤ - which belong to the extended primary downward impulse wave III from last December.
With the daily Momentum recently reaching new multi-month lows - GBP/CAD is likely to extend its losses toward the next sell target at the support level 1.8600 (forecast price for the termination of the active impulse wave (3)).