GBPCAD bounce followed by break?

Dear Dynamic Traders,

Happy Valentines Day to you all!

Both the EURCAD and EURAUD have been producing lovely profits. Hopefully the readers of the blogs have benefitted too given the wide coverage these charts have had on the blogs.

Below is the GBPCAD chart which has been in a long term downtrend. There have been a couple of deep pullbacks and now price is presenting a double bottom. If this is to pan out as a double bottom then price is likely to bounce. However, its too early to consider going long (unless you are a short term trader) but a bounce can be expected and perhaps anticipation of an entry point on the break of the previous support given the long term nature of the chart.















Good Trading!
Bijal Shah