GBP/CAD recovered fast yesterday after hitting low of 1.63500. Pound sterling was the worst performer in the previous week on account of political uncertainty. It has shown a good recovery yesterday after news emerged th…
GBP/CAD recovered fast yesterday after hitting low of 1.63500. Pound sterling was the worst performer in the previous week on account of political uncertainty. It has shown a good recovery yesterday after news emerged that Theresa May could reshuffle her cabinet. The pound sterling is expected to trade higher if Theresa May leave out Foreign Secretary Boris Johnson.
The pair shown a recovery till 1.65292 and started to decline from that level. The near term horizontal resistance is around 1.6530 and any break above will take the pair to next level till 1.6600/1.6660. Any convincing break above 1.6660 will take the pair to next level till 1.6730.
On the lower side, near term support is around 1.6350 low made on Friday and break below target 1.6270/1.6200 level. Any violation below 1.6200 will drag the pair to next level till 1.6060 (Sep 14th low)/1.6000.
It is good to sell on rallies around 1.6500 with SL around 1.6535 for the TP of 1.6350/1.6270.
