GBPCAD recently reversed down from the multi-month resistance level 1.76700 (which previously reversed the price in the middle of April) – standing well above the upper daily Bollinger Band. The downward reversal from the resistance level 1.76700 started the active short-term correction (iv). Given the rising bearish Sterling sentiment seen across the FX markets today – GBPCAD is likely to extend the losses toward the next support level 1.74000 (target price for the completion of the active short-term correction (iv)).
