Overall, GBP prices are low and depressed and off kilter to counterparts EUR, AUD and NZD. GBP/CAD is the defining currency pair to represent not only overall current market direction and the main currency market pairs, USD/CAD V GBP/USD. GBP/CAD informs it doesn’t have a clue to GBP nor USD/CAD direction and for weeks remained on the low rank and non trade able list of 20 + currency pairs. It adds to severely overbought and non trade able EUR/GBP.
Counterparts NZD/CAD contains a top 100 pip higher at 0.8800’s, AUD/CAD trades at target in 0.9300’s and EUR/CAD target at 1.4939. Until GBP/CAD corrects itself, EUR/CAD offers many future weekly shorts.
Short 1.1294 and 1.1321 to target 1.1158.
Short below 1.1131 to target 1.1022
Long 1.1022 to target 1.1077
1.1158 to target 1.1212
Long 1.2293 and 1.2278 to target 1.2483.
Long above 1.2514 to target 1.2608
Short 1.2608 to target 1.2545
short 1.2483 to target 1.2386
Short 1.5398 and 1.5416 to target 1.5231. Watch 1.5250.
Long 1.5231 to target 1.5305.