GBPCAD : Downward Correction In Play Towards 1.9600
On the Daily chart of GBPCAD, we see a nice bullish cycle from April lows. It looks like trend made a top as in red wave (v) and now we expect the price to make a three wave retracement.
Red waves (a) and (b) seems to be completed, because of a sharp fall to the downside into a red wave (c), which should have an impulsive structure, that means five waves down, that we are tracking on 4h chart. Ideally price will continue to around 1.9600 - 1.9700 area, where even our fibo. level 50% of a previous big five waves up shown on the Daily chart can react as a support.
Link to our previous posts about this pair:
www.ew-forecast.com
Red waves (a) and (b) seems to be completed, because of a sharp fall to the downside into a red wave (c), which should have an impulsive structure, that means five waves down, that we are tracking on 4h chart. Ideally price will continue to around 1.9600 - 1.9700 area, where even our fibo. level 50% of a previous big five waves up shown on the Daily chart can react as a support.
Link to our previous posts about this pair:
www.ew-forecast.com