GBPCAD today reversed up from the support area lying between the key support level 1.70500 (which has been reversing the price from the start of May) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term corrective wave (ii) and will likely form the daily Bullish Engulfing today. Given the strength of the support level 1.7050 – GBPCAD currency pair can be expected to rise further toward the next resistance level 1.72300 (which reversed the previous impulse wave (i)).