GBP/CAD reversed from resistance level 1.8800
By: Dmitriy Chernovolov
- GBP/CAD reversed from resistance level 1.8800
- Next sell target - 1.8400
GBP/CAD recently reversed down from the resistance zone lying between the resistance level 1.8800, upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous minor impulse wave 3 from the middle of March. The downward reversal from this resistance zone stopped the c-wave of the previous minor ABC correction 4 from the end of April. This corrective wave belongs to the sharp intermediate impulse wave (C) from last December.
GBP/CAD is likely to fall further to the next sell target at the support level 1.8400 (former resistance level from April). Sell stop-loss can be placed above the aforementioned resistance level 1.8800.