GBP/CAD Might Bounce off W L4 Due to Oversold Condition
Dear Traders,
The GBP/CAD is supported within the POC zone. The price is showing oversold conditions and we might see the bounce.
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 oversold 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 system.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea
Leave a Reply