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GBPCAD : Downward Correction In Play Towards 1.9600

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Oct 06 2015

On the Daily chart of GBPCAD, we see a nice bullish cycle from April lows. It looks like trend made a top 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 reversal 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, down to Fibonacci level of 50% of a previous big five waves up shown on the Daily chart.

GBPCAD, Daily and 4h



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