"Hey man, you see that fall over there?"

It's the 'Super Thursday' for the British economy, as the Asset Purchase facility, as well as the MPC vote data will be released shortly. Data like the Industrial and Manufacturing production, as well as the Trade Balance data was out recently, and these indicated a bearish pressure on the GBP pairs. We await the MPC vote decisions as well as the speech of Governor Carney. Britain is expected to hold the interest rate decisions until further talks in August. Trading GBPUSD is not suggested as there can be increased volatility in the pair followed by the US CPI (YoY) release. Also, even with the weak fundamental data provided on GBP, traders are highly bullish on that pair. Filtering out the bullish sentiment on GBPUSD has become a hard nut to crack. Hence, GBPCAD seems a suitable pair to trade the news.

Keeping aside fundamentals, we can see that the 38.6% Fib level is providing a good resistance.

Keep a close look at the fundamentals.
All the best for today.
Riz.

Trade closed: target reached:

God save the Queen!