FX.co ★ GBPCAD is facing bearish pressure from our resistance, potential for further drop

Price is facing bearish pressure from our first resistance in line with descending trend line, horizontal overlap resistance, 61.8% fibonacci retracement and 61.8% fibonacci extension where we could see a reversal below this level.

Trading Recommendation

Entry: 1.74448

Reason for Entry:

descending trend line, horizontal overlap resistance, 61.8% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.72774

Reason for Take Profit:

Horizontal overlap support, 61.8% fibonacci retracement, 78.6% fibonacci extension

Stop Loss: 1.75041

Reason for Stop Loss:

horizontal swing high resistance