I am a bear on Pound for the said Brexit complications and also due to the commitment of traders report showing an increase in short positions on Pound.

GBPCAD Daily

Market and price is flat and has been ranging between support at 1.62271 and resistance @1.65376. Price broke through the resistance and is currently at MM4. Price opened the monthly pivots at MM2 and has now reached the target of MM4. Stochastic is heading to the overbought state.

GBPCAD H4

Market is bullish (EMA 21 above 55) and price is also bullish (EMA 5 above 8) Price is currently at resistance @1.66685 and WM4. Price opened the weekly pivots on WM3 with the anticipated target of WM1 but instead it bounced to the upside due to the CAD fundamental data. Stochastic still heading towards the overbought from the 50% water line.

GBPCAD H1

Market and Price bulish and price at DR3. Not sure what the new pivots will be like but the H4 has reached the weekly target and is expected to reverse to the WPP. Stochastic highly overbought. Looking to short this either after seeing double top on the lower time frame or role reversal at DR2.

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