nakedchartist
Long

GBPCAD mean reversion countertrend play

FX:GBPCAD   British Pound / Canadian Dollar
GBPCAD             had a very bearish downmove after Carney's speech on Wed. Price plunged first part of Thursday and is now recovering in NY session. it is likely a price is still some way away from the mean , so this may help propel prices up. for about 60-80 pips
as of so far , mean reversion can be used as a good scan for hinting purposes, but it will not be a veto factor in triggering trades. That said, mean reversion can be usually found at tops or bottom and when price has exhausted , which is one of the characteristics of tops and bottoms.
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price has formed an inverted head and shoulder chart pattern, a breakout to the upside should be imminent.
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