By: Dima Chernovolov
GBP/CAD recently broke the 15-minute key support level 1,7549, which was previously identified by Autochartist. Autochartist rates the Significance of this support level at the 3-bar level – which is the result of the 3 recent price reversals from this price level. GBP/CAD is expected to fall further toward the forecast price 1.7489 – in line with the earlier downward reversal from the key resistance area shown below.
As can be seen from the daily GBP/CAD chart below – the pair recently reversed down from the from the combined resistance area lying between the key resistance level 1.7695 (which has been reversing the price from March) and the upper daily Bollinger Band. The proximity of this resistance area increases the probability GBP/CAD will continue to fall toward the forecast price 1.7489.