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GBPCAD recently reversed up sharply from the key round support level 1.70000 (which has been reversing the price from the middle of October) – standing far outside of the lower daily Bollinger Band. The upward reversal from the support level 1.70000 stopped the previous short-term correction (ii). Given the oversold reading on the daily Stochastic indicator and the strength of the support level 1.70000 – GBPCAD is expected to rise further toward the next resistance level 1.71600.
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