GBPCAD recently reversed up from the support zone set between the pivotal support level 1.72000 (which has been reversing the price from the start of January, as can be seen from the daily GBPCAD chart below), lower daily Bollinger Band and the 61.8% Fibonacci retracement of the previous sharp upward impulse wave 1 from the start of last December. Given the strength of the aforementioned support area and the continued bullish sentiment affecting the sterling today – GBPCAD can be expected to rise further toward the next resistance level 1.74400 (top of the previous corrections (iv), (b) and ii).