GBPCAD Weekly, coming into long term Bat support area
Long wicks on red candles like last week rarely create a lasting bottom from my experience so expect prices to drift back lower to the 1.60 zone again at which time I will be looking for reasons to go long with less risk than 700-800pips
There is still an unfilled gap to the upside so there is a possibility of a rally into this area, but given the large moves recently trying to find low risk entries on 4hr+ time frames may need some time to develop as the market settles down again
The large spike was probably caused by lack of liquidity (lack of bids) around a major news event rather than extreme selling
IMO it is a waste of time listening to the media hype re Brexit, we know it's going to happen it's just a matter of when... and likely when they announce action, the market will likely rally - not fall due to one sided market perception