GBP/CAD Elliott Wave buying the dips at the blue box
|In this technical article we’re going to take a quick look at the Elliott Wave charts of GBPUSD Forex Pair , published in members area of the website. As our members know, GBPUSD has recently given us correction against the 1.2664 low. The pair reached our target zone and completed correction right at the Equal Legs ( Blue Box Area) . In further text we’re going to explain the Elliott Wave pattern and trading setup.
GBP/CAD one-hour update 09.26.2024
GBPCAD is correcting cycle from the 1.7687 low. The pull back looks to be unfolding as Double Three pattern. The price has already reached the extreme zone and we are aware that correction can complete any moment. We advise against selling GBPCAD at this stage. The pair should ideally attract buyers at the Blue Box zone. We can see either rally towards new highs or a larger corrective bounce in three waves at least. Once the bounce reaches the 50% Fibonacci retracement level against the connector high – (x) blue , we’ll secure our position by moving the stop-loss to breakeven. To safeguard our trade, we’ll closely monitor for any break below the marked invalidation level : 1.2941
A quick reminder:
Our charts are designed for simplicity and ease of trading:
Red bearish stamp + blue box = Selling Setup
Green bullish stamp + blue box = Buying Setup
Charts with Black stamps are deemed non-tradable.
GBP/CAD one-hour update 09.26.2024
We got a nice rally from our buying zone toward new highs, confirming pull back completed at the 1.794 low. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 1.794 low, we believe that more upside should be seen. We don’t like selling the pair in any proposed pull back, and prefer staying long from the blue box are in risk free positions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.