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GBPCAD forms the double bottom pattern with bottom 1 at 1.5736, bottom 2 at 1.5837 and neckline at 1.7862 levels. The upswings in the major trend have broken this neckline with bullish crossovers
Thereby, the bulls seem to be on upper hand on this bullish pattern, both leading & lagging indicators substantiate.
On the contrary, shooting star patterns have occurred at 1.8268 and 1.7938 levels on daily plotting, consequently, the price dips are observed, we could see little bounce back but upswings are restrained below 21DMAs.
Trend study in the minor trend: DMAs on daily terms slightly edgy and the current prices slide below DMAs, while MACD also shows bearish crossover. These patterns signal selling interests to prolong further.
Momentum study in the minor trend: Stochastic curves evidence downward convergence, whereas RSI is gaining little strength at 38 levels.
For now, more dips seem to be on cards as the current price slides below DMAs coupled with bearish MACD crossovers, next strong support is seen at 1.7815 and 1.7734 levels.
Trend study in the major trend: Well, the trend and momentum indications are absolutely adverse to the indications for the minor trend, the 7EMA has crossed above 21EMA which is the bullish crossover, while MACD also shows bullish crossover. These patterns signal buying interests to prolong further.
Momentum study in the major trend: Both RSI and stochastic curves evidence upward convergence that indicates the strength of the uptrend and intensified buying momentum.
Overall, the bulls in the major trend appear to be on the upper hand on double bottom pattern formation which is bullish in nature with both leading & lagging indicators substantiating the buying interests.
The aggressive bulls can speculate this pair via buying 1m ATM +0.5 delta call. This option strategy is meant to be deployed on hedging grounds for the potential upswings.
Currency Strength Index: FxWirePro's hourly GBP spot index is at shy above -113 levels (which is bearish) on prints of disappointing UK CPI (actual 2.5% versus consensus and previous 2.7%), while hourly CAD spot index is edging higher at -14 levels (neutral) while articulating (at 09:38 GMT). For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
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