GBP/CAD Might Bounce off W L4 Due to Over-Sold Condition
The GBP/CAD is supported within the POC zone. The price is showing oversold conditions and we might see the bounce.
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The GBP/CAD is supported within the POC zone. The price is showing oversold conditions and we might see the bounce.
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The pair needs to stay above 1.7200 for buyers to take over. Both GBP and CAD are weak, so the question now is which one is stronger. We could see a move up to the trend line 1.7330 and from there a drop lower. Have in mind that the price is effectively in downtrend so the upmove is actually a counter trend move (retracement). Due to over-sold conditions we should see a bounce up as we also have a confluence of D L3 and W L4.
The Analysis has been done with the CAMMACD.Core
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