GBPCAD under bearish pressure today following the earlier downward reversal from the major resistance area lying between the multi-month resistance level 1.7730 (which has been reversing the pair from May) and the upper weekly Bollinger Band. This downward reversal from this resistance area started the active impulse wave 3. Given the strength of the aforementioned resistance area the strengthening bearish Sterling sentiment – GBPCAD is likely to fall further toward the next support level 1.73800. Powerful resistance remains at the resistance level 1.77300.