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GBPCAD picks up some upside momentum; outlook still bearish
GBPCAD has been on a downtrend since the beginning of May, sliding to a two-year low of 1.5874 on Friday. The downside pressure has eased somewhat this week with momentum indicators pointing to a weak positive movement. The RSI is rising but has some way to go before escaping out the bearish territory above 50. The stochastic oscillator is also signalling an improved bias in the short term, with the %K line crossing above the %D line, though they both remain close to oversold territory. For the pair to gain further positive traction, prices would need to first recover above the 20-day moving average in the 1.6140 ... (full story)
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