GBP/CAD should start the 4th wave to the upside
Price of GBP/CAD approaching bottom of upside channel. We should soon see an impulse to the upside back to the 200 MA, 1.7205.
Non Commercials are sill positioned long on GBP. As for CAD, situation is slightly neutral. Price correction to the upside of USD/CAD pair has already started, which means further confluence for the analysis.
Short term we want to see GBP/CAD rise to the upside, first price target is 1.72.
Overall, the potential of the bullish momentum is the middle band of the uptrend channel, price 1.74.
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Non Commercials are sill positioned long on GBP. As for CAD, situation is slightly neutral. Price correction to the upside of USD/CAD pair has already started, which means further confluence for the analysis.
Short term we want to see GBP/CAD rise to the upside, first price target is 1.72.
Overall, the potential of the bullish momentum is the middle band of the uptrend channel, price 1.74.
If you find this analysis on point, please like and subscribe for more free market review's.
Trade closed: target reached
Trade closed: target reached:
Longer term target reached.