• GBPCAD broke key support level 1.7050
• Further losses are likely
GBPCAD continues to fall after the earlier breakout of the key support level 1.7050 (which stopped the sharp intermediate impulse wave (A) at the end of May, as can be seen from the daily GBPCAD chart below).
The breakout of the support level 1.7050 continues the active medium-term impulse wave (C) of the long-term ABC corrective wave ② from the middle of March.
GBPCAD is likely to fall further and re-test the next pivotal support level 1.6760 (former multi-month support level from January).