GBP CAD might GO Bullish
July 16th, 2009 Posted in Analyst Picks, GBP - Pound Sterling
• Below is the daily chart for GBP/CAD by ForexYard.
• The indicators used are the Slow Stochastic and RSI.
• Point 1: there is a “doji” candlestick formed in the chart, indicating that a reversal should take place.
• Point 2: The RSI signals that the price of this pair currently floats in the over-sold territory, suggesting upward pressure.
• Point 3: The Slow Stochastic indicates an impending bullish cross, which also supports the upward direction.
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Tags: cad, Forex, forex blog, GBP, GBP/CAD, RSI, Slow Stochastic, Sterling, Technical Analysis
