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.
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/gbpcad-wave-analysis-14-september-2020-20200914/
Selected by fonecable.com
Search Web: GBPCAD Wave Analysis – 14 September, 2020
Recent Posts
- What is FOMO in Trading? Characteristics of a FOMO Trader
- Analysis-In Japan, a weaker yen may not be the blessing it once was
- 10 Trading Mistakes to Avoid in Forex Trading
- The Psychology of Speculation in the Forex Market
- The New York Session: Forex Trading Tips
