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GBPCAD takes a breather, but downtrend still in play
GBPCAD has rebounded in recent sessions, finding fresh buy orders after hitting 1.6710, a low last reached in March 2020. Despite this bounce, the structure of lower lows and lower highs remains intact. The pair is also trading below both its 50- and 200-day moving averages (MAs), which have posted a ‘death cross’ lately. Therefore, the outlook remains negative. The short-term momentum oscillators reflect the latest bounce in the price. The RSI is trying to exit the bearish territory while the MACD has crossed above its red trigger line and looks to be moving higher. Both suggest that negative momentum is fading. ... (full story)