GBP/CAD Trading Analysis (16/08/2024)

The trend is descending. The forex pair is trading in the range between 365 and 135 EMA. The ascending wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.

Trading idea:

• Sell at the beginning of the formation of the descending wave structure, when wave A breaks the sloping channel of the ascending truncated structure.
• Stop loss above the local maximum of the ascending structure.
• Price targets at 1.7525 and 1.7420.

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