GBP/CAD Trading Analysis (05/08/2024)

The trend is descending. 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 when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the ascending truncated structure.
• Stop-loss at 1.7773.
• Price targets at 1.7703 1.7632.         

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