GBP/CAD: sell targets - 1.8800 and 1.8660
By: Dmitriy Chernovolov
- GBP/CAD completed minor ABC correction 4
- Next sell targets - 1.8800 and 1.8660
GBP/CAD continues to fall after the earlier sharp downward reversal from the resistance zone lying at the intersection of the following resistance levels: the former support trendline of the wide weekly up channel from November of 2014 (acting as resistance now after it was broken by the previous minor impulse wave 3), resistance level 1.9200 and the 50% Fibonacci correction of the earlier downward impulse from February.
The downward reversal from the aforementioned resistance zone completed the previous minor ABC correction 4. GBP/CAD is likely to fall further toward the next sell targets at the support levels 1.8800 and 1.8660 (low of impulse 3).