GBPCAD: Bracing for Bearish Wave 5Hello Traders,
Here is my current outlook on GBPCAD.
In our previous analysis, we effectively identified the initiation of Wave 3 or Wave C, and we entered the market at 1.70913 . Presently, GBPCAD seems to be in the final stages of a corrective Wave 4. Provided that the existing resistance zone holds, we foresee a subsequent break of the trendline to the downside, potentially followed by a retest to confirm our directional bias (conservative approach).
Should this scenario unfold as expected, we expect an impulsive bearish movement within Wave 5, with a downside target of 1.62283 .
Our invalidation level is at 1.6863 , signifying that the projected scenario would cease to be valid if this level is broken to the upside.
Cheers!
