GBP/CAD plunges on elections to fresh 2-week lows

Pound crosses are all about UK election's outcome, with the GBP/CAD plunging to 1.7190, its lowest in two weeks, following exit polls suggesting the UK will end with a hung Parliament, and PM May will be forced to either form a coalition government of take a step down. Despite an early advance, triggered by continued weakness in oil prices, speculation that Brexit negotiations will become even tougher from now on as her "hard-Brexit" stance won't pass through easily across the houses. The technical picture has been distorted by the sharp nearly 300 pips decline from pre-news levels, with the 4 hours chart showing that the price has broken below all  of its moving averages and indicators heading straight south. Nevertheless, an extension below 1.7173, May 31st low and the immediate support, will likely result in further declines for this Wednesday, down to 1.7118, November 11th daily high. Former daily lows in the 1.7320 region are now a critical resistance, with selling interest probably surging on approaches to it. 

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