Today, we'll be examining GBPCAD, which has developed a symmetric ABC Bullish Pattern on its daily chart.
**Pattern Analysis**: The price action on GBPCAD's daily chart has formed a symmetric ABC Bullish Pattern. This pattern suggests a potential bullish reversal in the market.
**Entry and Stop-Loss Strategy**: - Entry Level (EL): Consider initiating long positions as the price surpasses the long entry level at 1.70038. - Stop-Loss (SL): Place your stop-loss just above point 'C' of the pattern to manage risk effectively.
**Target Levels**: - Target 1: Aim for the 62% Fibonacci retracement level of the AB leg at 1.72522. - Target 2: Consider a secondary target at the 79% Fibonacci retracement level of the AB leg, positioned at 1.73535. - Target 3: For a more ambitious goal, target the 127% Fibonacci extension of the AB leg at 1.76627. - Target 4: An even higher target can be set at the 162% Fibonacci extension of the AB leg, located at 1.78832.
Please note that these targets are derived from Fibonacci retracement and extension levels, which often act as important price levels in the market.