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GBP/CAD broke resistance zone

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  • GBP/CAD broke resistance zone
  • Next buy target - 1.6740

GBP/CAD today broke through the resistance zone lying between the pivotal resistance level 1.6330 (which stopped the previous correction (iv), as can be seen from the daily GBP/CAD chart below) and the 61.8% Fibonacci correction of the previous sharp downward impulse 1 from the start of August, The breakout of this resistance zone was preceded by the breakout of the sharp daily down channel from June. GBP/CAD is expected to rise to the next buy target at the next resistance level 1.6740 (top of the earlier corrective wave (2) from August).

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