Search ForexCrunch

GBPUSD

GBPUSD has turned sharply lower in the last 24 hours from 1.4769 where we see the first signs of a top in place. The reason is a strong, impulsive decline and broken channel line connected from 1.4090 that puts a bearish trend in play. So ideally the market accomplished a big corrective wave IV that was underway since end of February. This however is still an early call, but we will definitely look for three waves down minimum back to 1.4400.

GBPUSD, 4H

gbpusd 4 (1)

USDCAD

USDCAD is finally turning up from our Fibonacci support level that projected a low near 1.2460. We see a sharp turn up with more than 200pips which is not a surprise as such a sharp reaction is very common after a completed ending diagonal. When this pattern is finished, the price will tend to return back to the starting point of this pattern which in our case is near 1.3180. This is far away so we expect more gains after any pullback, especially if we also consider that the big five wave impulse from the highs is now completed.

USDCAD, 4H

USDCAD 4 (3)