GBP/CAD At Support

GBP/CAD is now trading near short term support level at 1.7083. The pair went as low as 1.7060 before the bulls jumped at the chance and went long it. It's worth noting that the pair has not yet achieved a double bottom in accordance with the previous low at this level in the end of May.

It would be best to wait for a clear double bottom before opening long positions. However, chances are that this week is bound to be volatile-heavy for the pair as we are yet to see Thursday's news impact on the Sterling.

Bank of England will release the Inflation report along with the Interest rate decision which is expected to rise with 25 basis points from 0.50% to 0.75%.

Chart: GBP/CAD H4