I see that GBPUSD has been in quite a strong uptrend for some time now and has began correcting.
I have labelled the correction as a zig-zag followed by a flat. It does have the potential to become a more complex correction,
however, it is looking upside regardless if it continues correcting or resumes the uptrend.
I have drawn out how I see the flat to have...
GBPCHF could be forming a flat corrective pattern.
It has made the (3-3)-5 structure so far and has made the first wave of the 5 wave structure.
If the 5 waves are made it would confirm the flat.
The fist wave has been coupled with a correction which I expect to terminate at the 61.8% retracement.
Following a break of this short term trendline it would confirm...
USDCAD appears to be in the ABC cycle down.
Wave C seems to be the current wave.
The fist impulsive sub wave of the 5 (C) wave pattern has completed.
Sub wave two has created a running flat (please correct me if I am wrong).
From here I expect USDCAD to fall and go on to either create the 3rd sub wave (impulsive), or continue to create a more complex...
There is a high-probability chance this pair could finish a flat move which could bring the price down to at least retest the bottom.
IF THE BREAKOUT OF THE ENCIRCLED AREA HAPPENS YOU MAY THINK TO TAKE THE TRADE.