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