By Anton Eljwizat – The GBP/CAD pair has experienced much bearishness in the last few days as it currently trades at 151.40. The current bearish trend is expected to come to an end anytime soon, and a bullish correction may be in the making. I will illustrate below that the GBP/CAD may very well be heading for a reversal. Traders are strongly advised to take advantage of the trend at an early stage.
• Below is the 4-hour chart of the GBP/CAD currency pair.
• The technical indicators that are used are the Slow Stochastic and Relative Strength Index.
• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.
• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 3: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
GBP/CAD 4-Hour Chart
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