GBPCAD likely to run into 1.60 over the medium-long term...

FX:GBPCAD   British Pound / Canadian Dollar
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The GBPCAD             is highly likely to step back into 1.60 over the coming months. We believe there are two very strong fundamental catalysts to also push this in the favored direction, aside from all the technicals which are blatantly bearish . The United Kingdom has shocked the world by leaving the European Union - which will very simply add to the medium-long term stability of the GBP. Realistically, the only thing that can stop the unraveling is some serious Central Bank intervention - which we think will happen - but we also think the markets will push back and ultimately the central banks will only delay the inevitable. Secondly, we still also think crude oil             will stabilize around $30 and shoot for $70 - even among a larger market correction - and this will contribute to the CAD strength which will also fuel the GBPCAD             lower. We will be basket trading the GBP Lower - but we think that this shared theme is one of the most obvious to share. There is a strong barrier of resistance at around 1.80-85 and based on where price is currently - a move back into 1.60 would equate to roughly 1400 pips. These are huge potential market moves with a very high probability for the favored direction. This opportunity can't be ignored.
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