FX:GBPCAD   British Pound / Canadian Dollar
254 0 10
The GBPCAD             is comparable to the USDCAD             and EURCAD             since the CAD is the driver behind this move. Although the Pound is under serious pressure against all other majors, it has to retrace now and then.

I believe that we might see such a correction soon for a test of at least 1.92. However I updated EURCAD             and USDCAD             as well, it is wise to trade that pair that looks best and not trade them all.


Comment: The GBPCAD was not able to show an impulsive leg higher after the break out of the wedge. Now I'll be looking for an impulse of lesser degree again before a possible buy. However in case that we see another corrective leg a sell should be next after a bearish break out.

Trade active: We saw the anticipated break and impulse of lesser degree. We see a consolidation in progress at the moment and a test of the upper channel is what I'll be looking for to determine whether we will see a bullish continuation or a bearish reversal.

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