FX.co ★ GBPCAD broke below ascending channel support! Drop incoming!

GBPCAD broke below ascending trendline support, now resistance. A further drop below our 1st resistance at 1.71796 towards graphical swing low and 1st support at 1.71462 could be expected. Technical indicators are showing room for further bearish downside as well.

Trading Recommendation

Entry: 1.71796

Reason for Entry:

23.6% Fibonacci retracement, ascending trendline resistance

Take Profit: 1.71462

Reason for Take Profit:

-27.2% Fibonacci retracement, Graphical swing low support

Stop Loss: 1.72031

Reason for Stop Loss:

50% Fibonacci retracement