GBPCAD preparing a strong rally to the 1D MA200
The GBPCAD pair broke above the 1D MA50 (blue trend-line) this week for the first time since February 24 and is consolidating. This is the first sign that the trend might be changing from long-term bearish to bullish. This is evident on the 1D RSI which has been on Higher Lows for months. The very same pattern was last seen in Q3/ Q4 2021. After the price broke above the 1D MA50 on November 26 2021 and got rejected, it posted an end-pattern rally to the 0.618 Fibonacci retracement level above the 1D MA200 (orange trend-line). As a result we are bullish long-term on this pair, targeting at least the 1D MA200.
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