GBP/CAD chart shows us 5-wave upward impulse. Currently we observe ongoing correction, which may transform into irregular one. There is a possibility, that b-wave is forming now and after its completion price will fall and form c-wave.

The ideal range for this wave is 161.8% of a-wave, which coincides with the 50% retracement of the pulse wave (green rectangle). This level is also enhanced through the support zone, which can be seen on the daily chart. With these four factors, we have attractive spot to open long position – stop below 61.8% pulse wave retracement. If the price broke and candle close above the 1.8420, it will negate the whole setup.

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