GBPCAD: ⬇️ Sell
– GBPCAD reversed from long-term resistance level 1.8700
– Likely to fall to support level 1.8500.
GBPCAD currency pair recently reversed down from the resistance zone between the upper daily Bollinger Band and the strong multi-month resistance level 1.8700 (which has been reversing the price from March).
The downward reversal from this resistance zone started the active short-term ABC correction 2.
Given the strength of the nearby resistance level 1.8700 and the bullish Canadian dollar sentiment seen today, GBPCAD currency pair can be expected to fall to the next support level 1.8500.
Source: Fxpro