Elliott Wave Analysis: GBPUSD and USDCAD
Elliott Wave Analysis: GBPUSD and USDCAD
GBPUSD
Prime Minister Theresa May won endorsement from US President-elect Donald Trump over her Brexit course but sterling plunged on Monday on fears that Britain could be on a collision course with its EU allies based on media reports.
Technically speaking, on the GBPUSD we are observing a nice three wave move to the downside being made, with price now specifically trading in wave C). As we can see price seems to have unfold three sub-waves in this wave C), meaning only waves 4 and 5 are missing for a completion of this whole pattern. If that is the case, then a possible turning point higher could be around the corner, ideally around the 1.1924 level.
GBPUSD, 1H
USDCAD
On the hourly chart of USDCAD we are looking at a new bounce higher taking place as part of a higher degree wave 2)/B). If that is the case, then recent bounce could be regarded as sub-wave A and current slow movement as sub-wave B. After wave B completes itself, a new impulse into wave C of 2) or B) is expected to follow. A new resistance zone and a probable reversal lower could later be seen around the former wave 4 at 1.3294 level.
USDCAD, 1H
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