GBPCAD Technical Analysis: Do Elliott Waves Point to a Relief Rally?

The selling pressure on GBPCAD since the B (y) peak seems to have paused with the completion of a five-wave impulsive structure (i-v). Our current analysis focuses on the alternative scenario where the price enters an upward corrective phase to digest this sharp decline. Specifically, the 1.86415 and 1.86830 levels acting as Fibonacci 0.5 and 0.618 retracement points are critical as potential "take profit" or "re-short" zones. We will clarify our strategy by monitoring the upward continuity of the breakout. Subscribe to our professional insights and never miss a move!