- GBPCAD reversed from support level 1.6800
- Likely to rise to 1.7000
GBPCAD recently reversed up from the support level 1.6800 (low of the previous medium-term ABC correction (2)), intersecting with the lower daily Bollinger Band and the ascending support trendline from last October.
The upward reversal from the support level 1.6800 is similar to the earlier reversal from the same level – which created the daily Piercing line earlier this month. GBPCAD is likely to rise further toward the next round resistance level 1.7000 (top of the previous minor correction).