EUR/JPY broke key support level 131…
GBP/CAD falling inside minor impulse wave 5
- GBP/CAD falling inside minor impulse wave 5
- Next sell targets - 1.6000 and 1.5800
GBP/CAD continues to fall inside the minor impulse wave 5, which belongs to the intermediate impulse wave (3) from the start of August. The active impulse started earlier – when the pair reversed down from the resistance zone lying at the intersection of the resistance level 1.6330, upper resistance trendline of the daily down channel from June and the 50% Fibonacci correction of the downward impulse from the start of August. GBP/CAD is expected to fall to next sell targets at the next support levels 1.6000 and 1.5800.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.