GBPCAD falling inside impulse wave (3)
Further losses are likely
GBPCAD continues to fall inside the medium-term impulse wave (3), which stated earlier from the resistance area lying between the multi-month resistance level and the upper daily Bollinger Band.
The price earlier broke the key support level 1.7420 (low of the previous waves 4 and (1)) – which should strengthen the bearish pressure on this pair.
GBPCAD is expected to fall further and re-test the next support level 1.7300.