By Anton Eljwizat – In the last 3 weeks of trading, the GBP/CAD experienced much bearishness, as it now stands at 1.6170. However; it seems that this trend may be coming to an end. I will illustrate below that the GBP/CAD may very well be heading for a reversal. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the daily chart of the GBP/CAD currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and MACD.
• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.
• Point 2: The MACD indicates an impending bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Williams Percent Range has peaked near at the -100 marker, which means that there may actually be a strong level of upward pressure.
GBP/CAD Daily Chart
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