[Potential] GBPCAD: Brexit & Oil Outlook Diverges
GBPCAD OutlookTechnicals:
- Stochastics is in Overbought conditions
- Price action close to a Short-Term Resistance Trendline (may break if Brexit causes volatility)
Fundamentals:
- Brexit uncertainty in its final stages may cause some volatility and may cause price to test the Horizontal Resistance Trendline
- On a longer perspective, delay in Brexit transistion actually affects the UK economy more as corporates hold back capital expenditure to improve the GDP while CAD is likely to gain from further positivity from US-China trade talks and OPEC plans to cut supply to maintain stable oil prices.
We will be waiting for confirmations of multiple confluences before considering this trade setup ready. Patience is the key to success.
*This pair outlook is provided on an advisory basis. Any trade decisions made based on this outlook is a personal decision and we are not responsible for any losses derived from it.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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