GBP/CAD: bearish market structure

2023年1月30日

In this new analysis, as I was in long in GBP/CAD, I see very clear a bearish movement that may GBP difficult to climb. But in this zone, the price it's below of the EMA 200 and we can to develop a new bearish cycle based the Elliot Wave Cycle in H1 timeframe



This could be the next movement in H4 timeframe based the market structure and price action. And also, this grey zone could to help identify nice entries if we develop a nice strategy in Forex market for this week in GBP/CAD

Trade Information:

1) Position: Short
2) Entry Price: $1.6494 CAD
3) Stop Loss: $1.6558 CAD (64 pips)
4) Take Profit: $1.6316 CAD (177 pips)

Good luck!!!