GBPCAD recently reversed up with the daily Japanese candlesticks reversal pattern Morning Star from the support area lying between the key support level 1.7200, lower daily Bollinger Band and the 50% Fibonacci retracement of the earlier upward impulse wave 1from the middle of June. Given the rising bullish sterling sentiment seen across the FX markets today – GBPCAD is likely to extend the gains toward the next resistance level 1.74400 (top of the two previous consecutive reversal patterns Bearish Engulfing).
