GBP/CAD hovers near 3-week highs

The GBP/CAD cross rallied to a fresh 3-week high of 1.8827 on the back of Pound's strength, as markets have been all about hopes the UK will remain within the EU, following the results of the latest polls, showing an increasing intention to vote "remain."

Polls are no guarantee of a result, and more are yet to come, which means the GBP can retreat as fast as it advanced this Monday, becoming a high-risk bet these days.

GBP/CAD technical view

“Anyway, and from a technical point of view, the cross remains near the mentioned high, suggesting the rally may continue this Tuesday, despite that in the 4 hour chart, the technical indicators are turning lower within extreme overbought territory. In the same chart, the price has overcome the 200 EMA, now a strong dynamic support around 1.8610, whilst the 20 SMA heads strongly higher below it, also in line with further gains for the upcoming sessions,” said Valeria Bednarik, chief analyst at FXStreet.

Support levels: 1.8765 1.8705 1.8640. Resistance levels: 1.8845 1.8890 1.8950.