Good day dear traders, will like to present you a brief view on GBPCAD and EURGBP for today.
From the chart below , we can see a retest of rising upper channel line, and a posible butterfly pattern in the making in the overall WXY elliot wave structure. Going by the fib tool application we can see that 0.8878 is the 50% level of the W1-W3 range .
This confluence offers us the need to await a bounce from this zone.
We therefore will like to await a 123 entry parameter from the hourly timeframe in the london brink period.
Invalidation for this bounce is at 0.8825 while our conservative target is at 0.8975
We can see an obvious 3 level rise on this pair (indicated by the arrows), this suggest an impulsive drive indicating further upside potential in the interim
At current level, we expect a profit taken to take effect for a pullback to 1.7175 , prior resistance now serving as support.
On the lower tf, we like to take this pullback trade and buy back on confirmation later.
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