GBPCAD may slide downGBPCAD might be preparing for the continuation of downtrend, and here's why:
Despite strong yields of UK Gilts (government bonds), British Pound is under pressure.
From a technical standpoint, GBPCAD is positioned far below the value area (combination between 20 and 50 moving averages), usually that indicates the price discovery process, when the instrument is trying to find the new equilibrium.
The 3-rd and 4-th day above the local low usually carries high risk of reversal, so I'm planning a short position in the direction of the next swing wave as shown on the chart.
Don't forget - this is just the idea, always do your own research!
