Forex
Home›Forex›Major Pairs›GBP/CAD rebounds as price tests support near 1.880
GBP/CAD rebounds as price tests support near 1.880
The analysis cites 1.863 as a key support and notes the latest low near 1.880 challenged invalidation at 1.88016 before rebounding toward 1.900 to 1.902.
GBP/CAD has been described as completing a five wave rally on the 1 hour chart and shifting into the correction phase that typically follows an impulse, according to Action Forex.
The outlet points to an A B C zigzag corrective structure, with the pair trading around 1.884 as wave (c) is expected to find support and finish the pullback.
Action Forex says a key support and invalidation zone sits near 1.863, adding that a break below that level would call the bullish wave count into question.
It also highlights that the decline inside wave ((c)) bottomed near the 1.880 support extreme just above 1.88016, then reversed sharply, pushing GBP/CAD back through 1.890 toward the 1.900 to 1.902 area.