FxWirePro: GBP/CAD Trades Well Below 1.9000 Handle, Good to Sell on Rallies

FxWirePro: GBP/CAD Trades Well Below 1.9000 Handle, Good to Sell on Rallies

2 June 2016, 10:06
Roberto Jacobs
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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 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

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