FxWirePro: GBP/CAD trades well below 1.9000 handle, good to sell on rallies
GBP/CAD broken major support 1.89885 on May 31st 2016 and started to fall drastically. It has declined till 1.88214. It is currently trading around 1.88701. Pound is trading weak against all major pairs on renewed Brexit…
GBP/CAD broken major support 1.89885 on May 31st 2016 and started to fall drastically. It has declined till 1.88214. It is currently trading around 1.88701.
Pound is trading weak against all major pairs on renewed Brexit fear .GBP declined sharply yesterday after telephonic poll conducted by ICM shows that 45% of survey respondents want Britain to leave EU while 42% supported staying.
On the lower side major support is around 1.8820 (55 day EMA) and any break below targets 1.8771/1.8692.
Short term bullishness only above 1.9000 and any indicative violation above will take the pair till 1.9062/1.910/1.917.
Overall bearish invalidation only above 1.9300.
It is good to sell on rallies around 1.9000 with SL around 1.9060 for the TP of 1.8770
