GBPCAD Wave Analysis 16 January 2025

- GBPCAD reversed from strong support level 1.7490
- Likely to rise to resistance level 1.7700

GBPCAD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Hammer from the strong support level 1.7490, which has been steadily reversing this currency pair from the start of August.

The support level 1.7490 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from last April.

Given the strong daily uptrend, GBPCAD currency pair can be expected to rise to the next resistance level 1.7700.