glennmercer

GBPCAD OUTLOOK: BULLISH SHARK TO BEARISH 5-0 CONTINUATION

FX:GBPCAD   British Pound / Canadian Dollar
My daily outlook on GBPCAD             is bearish , but I see one more bounce occurring before bearish PA continues. A bullish shark will potentially be completing at point 4 in a parallel channel . Traders who are short this pair, like myself, may think about taking profit in the PRZ and re-entering after this move is completed. Alternatively, this may be traded as a scalp to grab the pips off the bounce of the bottom parallel. Either way, I expect this setup to produce short term bullish movement before the bearish 5-0 pattern continues to target. Short-term long targets are placed at the .382 and .618 retracements of the shark CD leg. When I re-enter short, I will take profit at either the 1-4 WW target line or the 1.272 5-0 projection, whichever target is hit first.

Overall Bearish Outlook:

Bullish Confluence in the PRZ:
1. Bullish shark pattern completion
2. Parallel channel support
3. 1.786AB=BC
4. 1.618BC projection

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