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GBPCAD 500-Pip Reversal in Progress?
Is the GBPCAD gearing up for a massive bullish reversal? Based on the daily and weekly time frames, I would say it’s a likely scenario. While the inverse head and shoulders below is not the cleanest pattern I’ve seen, it could still attract buyers. But the key to any reversal that takes place is difficult to see from the daily time frame. The weekly chart below shows a better view of the catalyst. Notice how GBPCAD is bouncing from the 1.5870 support area. That region also attracted buyers in September of 2017, so we shouldn’t be surprised to see GBPCAD up 380 pips since last month’s low. Even if the pair ... (full story)
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