LeoPrime Daily Market Analysis

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GBPCAD reversed from support zone 1.63250; Likely to rise to resistance level 1.65000

GBPCAD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support area located between the key support level 1.63250
(which has been reversing the price from the end of March, as can be seen from the daily GBPCAD chart below) and the lower daily Bollinger Band.
Given the bullish divergence on the daily Stochastic indicator – GBPCAD currency pair can be expected to rise further toward the next resistance level 1.65000.

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