SamKent
Short

GBP/CAD 1H wave price analysis

FX:GBPCAD   British Pound / Canadian Dollar
105 0 1
The GBP/CAD             is in a somewhat bullish momentum as of late, however, looking at the bigger picture we're liking this pair for a short setup. As can be seen on the chart, we're looking at recent price action as a 5 wave corrective bull sequence within a bigger 5 wave bearish sequence. Our current estimate is that the pair may indeed break higher, which could trigger a short entry for us at a well defined support and resistance level, which coincides with the 38.2 fib of the overall move downwards. Our stop will be just above the latest swing high at around the 1.7900 handle, looking for a concluding bearish impulse.
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