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GBPCAD Wave Analysis – 01 February, 2019

  • GBPCAD reversed from resistance area
  • Further losses are likely

GBPCAD recently reversed down from the resistance area lying between the resistance level 1.7500 (which has been reversing the price from July), resistance trendline of the wide daily up channel from August and the 50% Fibonacci correction of the previous downward impulse (1) from March.

The downward reversal from this resistance area started the active medium-term impulse wave (3).

GBPCAD is expected to fall further and re-test the next support level 1.7000 (low of the previous short-term corrective wave (b)).

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Source: FxPro


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