• GBPCAD reversed from support zone
• Likely to rise to resistance level 164.65
GBPJPY currency pair recently reversed up strongly from the support level 159.60 (low of wave (a) from last month), standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from March.
The upward reversal from this support area started the active short-term impulse wave 5.
Given the clear daily uptrend – GBPJPY can be expected to rise further toward the next resistance level 164.65.