• GBPCAD reversed from resistance level 1.6175
• Likely to fall to support level 1.5950
GBPCAD recently reversed down from the key resistance level 1.6175 (top of the earlier minor correction from the start of May).
The resistance area near the resistance level 1.6175 was further strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse from April.
Given the strong downtrend, GBPCAD can be expected to fall further toward the next support level 1.5950 (low of the earlier minor correction wave (b)).
Source: Fxpro
