Forex
Home›Forex›Major Pairs›GBPCAD slides in Elliott Wave pullback, support target…
GBPCAD slides in Elliott Wave pullback, support targeted at 1.8774-1.862
The analysis says GBPCAD needs a break above 1.9043 to confirm the next upside leg after finding buyers at the Equal Legs zone.
Action Forex published a technical outlook for the GBPCAD forex pair using an Elliott Wave framework, describing the recent move as a 3-wave pullback from recent highs. The blog says the structure of the pullback still appears incomplete and that more downside could be needed to finish the pattern.
The analysis identifies an Equal Legs derived support area, with the ideal zone placed at 1.8774 to 1.862. It argues that buyers are expected to step in there, potentially sparking a three-wave bounce that could extend toward new highs.
Action Forex also notes that the pair produced a solid reaction after finding buyers at the Equal Legs zone, and it says long positions initiated from that area are now risk-free. For confirmation of the next leg higher, the blog highlights a break above the (3) peak at 1.9043 as the trigger.
The outlet adds that its view is not based on Elliott Wave alone, citing higher-time-frame cycle analysis, correlation checks, and broader market context as additional inputs for the forecast.