Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

GBP/CAD keeps plummeting

GBP/CAD keeps plummeting

Information is not investment advice

The British pound continues its broad decline. No matter what the economic figures from the UK look like, the GBP is under the heavy weight of Brexit. Cross-party Brexit talks collapsed, more and more people talk about the likely resignation of the Prime Minister Theresa May and the increasing risk of a no-deal Brexit. The European Parliamentary Election may hurt the sterling even more if the Conservative party’s result is bad. The dismal fundamentals can make the GBP decline without significant pullbacks.

The Canadian dollar, on the other hand, is supported by higher oil prices after the OPEC signaled that it will likely maintain production cuts. 

Last week we recommended selling GBP/CAD and the pair has moved below our target of 0.7200. The pair still isn’t oversold, so the further decline is possible. GBP/CAD is currently trading around the 100-week MA at 1.7111. The close below 1.7147 (200-day MA) on Friday is a bearish sign. The 61.8% Fibo provides some support at 1.7050. The fall below it will open the way down to 1.6855 (78.6% Fibo). If there’s a pullback to the upside, the pair will meet strong resistance at 1.7340 and 1.7475.

GBPCAD 20.png

Similar

USD/CHF may rise a bit

USD/CHF formed a “hammer” candlestick on the D1. The most recent price low wasn’t confirmed by the Awesome Oscillator on this timeframe.

NZD/CHF: earning on volatility

NZD/CHF fell this week as the Swiss franc appreciated versus other currencies. However, the positive market sentiment related to the US-China trade deal helped the pair to find support in the 0.6355 area.

Popular

USD/CHF may rise a bit

USD/CHF formed a “hammer” candlestick on the D1. The most recent price low wasn’t confirmed by the Awesome Oscillator on this timeframe.

Choose your payment system

Learn more