As of October 2019, GbpCad pair on weekly timeframe still clearly on bearish trend with potential 800 pips move toward the lower trendline (on weekly TimeFrame), and then possible 2.000 pips move toward the blue lower channel which align with the lower support level (blue line). Still, price move in waves: As shown in the Weekly TimeFrame; we are in the 4th wave and moving toward the 5th wave. Find the setup/entry in the lower timeframe (4 hour or 1 hour timeframe)
GbpCad pair Wekly timeframe as October 29th 2018Below are the GbpCad daily timeframe. As mentioned earlier: we are in the 4th wave.
THe GbpCad 4 hour timeframe provide a better view where the entry to be expected. Today, as of october 29th 2018, I would expect a pullback toward the upper trendline/0.618 fib level then resume move downward. I would carefully wait for a Price Action confirmation then take a short, and put my stop above the 0.618 fib level. There would be a 300 pips potential move downward
Otherwise, a safer entry would be to wait for the price to break the lower trend line, made a pullback then resume.