September 14, 2020 at 03:37PM

• GBPCAD reversed from multi-month support level 1.6800

• Likely to rise to 1.7075

GBPCAD recently reversed up from the powerful multi-month support level 1.6800 (which also reversed the price twice in June, as can be seen below) – standing near the lower daily Bollinger Band.

The upward reversal from the support level 1.6800 stopped the previous sharp downward ABC correction 2 from the end of July.

Given the oversold reading on the daily Stochastic indicator – GBPCAD is likely to rise further toward the next round resistance level 1.7075.

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From: The FxPro Tech Analysis Team
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