GBPCAD: Short Term Long Setup With Great R/R

As with most of the GBP pairs i expect price to rally very soon. Here in GBPCAD price is in a consolidation after a small impulse wave and what i look for is a breakout above the consolidation to join the new impulse up. But after the breakout price will test a slide parallel of a downslope median line set which may make price reverse. So for a safe entry i will wait for a breakout above both the correction and the parallel before going long. As a tp i will aim the upper parallel of the set which will give us a great risk/reward setup.

Comment:

Price conntinued its correction below the impulse so we look no more for this setup