theforexportal
Long

Is there a potential change in direction for GBP/CAD brewing?

FX:GBPCAD   British Pound / Canadian Dollar
Since the beginning of May the BEARS have been in complete control of GBPCAD and we've seen the price move from 1.7708 to 1.7024.
I always spend Saturday morning looking at the weekly charts for all my trading pairs and I notice that GBP/CAD has put in a nice long-legged doji indecision candle which hints at a potential reversal. Its true that the Monthly chart continues to look BEARISH and there's not much fundamental support for the GBP so I wouldn't be predicting we're going to see a bounce next week on G/CAD but its certainly worth keeping an eye on and it will be interesting to see where we head first thing next week.

Comments

Politics of coronavirus might limit GBP move...as oil futures closed lower last Friday...i think we should trade cautiously...
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