GBP/CAD 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although from a fundamental perspective the Sterling appears to be fairly weak, the technicals are suggesting the time has come for the British Pound to outperform its peers. Specifically in the GBP/CAD pair, we see emergence of a double bottom pattern that implies a reversal of the recent sell-off. At the same time, we must note we are still rather far away from the neck-line, which needs to be broken to confirm its intention to reach the Feb high at 1.9559. Meanwhile, the technical indicators, with the exception of the daily ones, are mostly pointing upwards, and the SWFX sentiment is strongly positive, with three fourths of all positions being long.
© Dukascopy Bank SA
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