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GBPCAD Wave Analysis – 22 October, 2021

GBPCAD Wave Analysis – 22 October, 2021

• GBPCAD reversed from resistance zone

• Likely to fall to support level 1.6900                                                                     

GBPCAD recently reversed down from the resistance zone lying between the major resistance level 1.7050 (former long-term support from May) and the 61.8% Fibonacci correction of the downward impulse from the start of October.

The downward reversal from this resistance zone stopped the earlier short-term impulse wave 3.

Given the strong bearish sterling sentiment, GBPCAD can be expected to fall further toward the next support level 1.6900 (low of the previous correction 2).

GBPCAD Wave Analysis – 22 October, 2021

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