HomeForex UpdatesGBP/CAD extending down development in direction of 2016 low

GBP/CAD extending down development in direction of 2016 low

GBP/CAD’s down development continues this week on broad based mostly selloff in Sterling, whereas Canadian Greenback has been comparatively resilient. Present decline ought to goal 161.8% projection of 1.7623 to 1.6636 from 1.7375 at 1.5778. This lies inside key long run help zone between 1.5746 (2016 low) and 1.5875 (2019 low).

The query is whether or not such 1.5746/5875 help zone would maintain. If not, that may firstly mark the resume of the down development from 2.0971 (2015 excessive). Extra importantly, that may additionally increase the possibility of resumption of down development from 2.5471 (2002 excessive) by 1.4831 (2010 low).

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