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Sterling remains pressured GBPCAD an example

Market Analysis

GBPCAD, H4                  

Sterling remains in focus this week as the ruling UK Conservative party hold their annual conference with Brexit negotiations (and the lack of them) top of the agenda. PM May is under pressure to assert her authority against an increasingly fractious party. The main outlier is the Foreign Secretary Boris Johnson who has a major “loyalty” speech today but remains the main mouth piece of the hard Brexit view.  Sterling is the main victim of the Brexit uncertainty and here on the GBPCAD chart I have short positions to the downside from 1.6620 on both the H4 and Daily time frames.  H4 suggests a move to 1.6580 and then 1.6545 and the Daily, down to 1.6420. Reversals to 1.6685 and 1.6785 would reverse the move down.

UK Construction PMI data this morning slipped into negative and contraction territory coming in at 48.1, with the market expecting a still positive sector for September and a reading of 51.1. The miss was significant in a significant month and all eyes are  now on the Services number which is published tomorrow.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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