LeoPrime Daily Market Analysis

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GBPCAD falling inside impulse wave (v); Likely to fall to support level 1.67300.

GBPCAD currency pair continues to fall after the price reversed down from the resistance zone lying between the key resistance level 1.70500 (former strong support, which has been reversing the pair from the start of May , as can be seen from the daily GBPCAD chart below) and the 38.2% Fibonacci correction of the downer impulse from September. The downward reversal from this resistance area started the active impulse wave (v). Given the strong multi-month downtrend and the continuation of the bearish sterling sentiment seen across the currency markets today, GBPCAD currency pair can be expected to fall further toward the next support level 1.67300 (low of the earlier impulse wave (iii)).

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