GBP/CAD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD formed a double bottom—a pattern that portends a rally. An emerging falling wedge and the 'buy' signals in the four-hour time-frame add weight to this scenario. However, there are many counter-arguments as well. First of all, the angle between the converging trend-lines that form the falling wedge is very acute, implying that this might still be a descending channel, as we noted last week. At the same time, the daily and weekly technical indicators are mostly bearish. Accordingly, we should wait for a pair's reaction to a test of a solid supply area circa 1.84. If it is breached, the 200-period SMA is to become the next target. Otherwise, we will expect a return to the April low and monthly S2.
© Dukascopy Bank SA
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