GBP/CAD Trade Idea

• 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

R1-1.9000

R2-1.9060

R3-1.910

Support

S1-1.8320

S2-1.8770

S3-1.8690