GBPCAD today reversed down from the powerful resistance level 1.74900 (which has been steadily reversing this currency pair from the start of August as can be seen from the daily GBPCAD chart below) and the upper daily Bollinger Band. The downward reversal from the resistance level 1.74900 stopped the previous impulse waves (iii) and 3. Given the overbought reading on the daily Stochastic and the strength of the resistance level 1.74900 – GBPCAD currency pair is expected to fall further toward the next support level 1.74000 (former resistance level from the start of January).