Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of GBPCAD Forex pair published in members area of the website.
Recently, GBPCAD formed a 3-wave pullback after a rally, a textbook example of an Elliott Wave bullish sequence. Price completed a clear 3-wave move down from the peak and found support at the Equal Legs zone (buying area).In the following analysis, we explain the Elliott Wave pattern and the market outlook.
GBPCAD Elliott Wave 1 Hour Chart 07.20.2026
GBPCAD is forming an 3-wave pullback from recent highs. At the moment, structure of the pull back looks incomplete. We expect to see more downside to complete the pull back. As our members know , the buying zone is derived by measuring the Equal Legs area using the Fibonacci extension tool. The ideal support area comes in at 1.8774-1.862 . At that zone, we expect buyers to step in and take control, pushing the price higher in at least a three-wave bounce, or ideally extending toward new highs.
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GBPCAD Elliott Wave 1 Hour Chart 07.30.2026
The forex pair made decline as expected. GBPCAD found buyers at the Equal Legs zone, producing a solid reaction from that area. As a result, long positions taken from the Equal Legs zone are now risk-free. We expect GBPCAD to continue trading higher, with a break above the (3) peak -1.9043 needed to confirm that the next leg up is in progress.
Important note: Our analysis is not based on Elliott Wave in isolation. We perform detailed higher-time-frame cycle analysis, which shows an incomplete market structure. This is one of the key drivers of price action, along with correlation analysis and broader market context.
We also teach our members in live analysis sessions how to identify incomplete bullish and bearish sequences. Even a 14-day trial, is enough to noticeably improve your trading analysis and forecasting approach.
Source: https://elliottwave-forecast.com/forex/gbpcad-elliott-wave-forecasting-the-path/