FBS - Analytics


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GBP/CAD broke daily down channel

GBP/CAD recently broke through the support levels 1.7600 (previous sell target set in our earlier forecast for this currency pair) - and 1.7500. After breaking below 1.7500 – the pair corrected up to test this price level (acting as resistance now after it was broken by the previous sharp downward impulse wave (3)) – after which the price reversed down – starting the active intermediate impulse wave (5).

The pair today broke the support trendline of the daily down channel from January – which should accelerate the active impulse wave (3). GBP/CAD is expected to fall further to the next sell target at the support level 1.6500.

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