FX.co ★ Daily Video Analysis: GBPCAD is facing bearish pressure, potential for a further drop!

Today we take a look at GBPCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. GBPCAD is facing bearish pressure as it continues to trend below the EMA (34) and descending trendline. Price may thus reverse from our sell entry, which is in line with our 38.2% Fibonacci retracement and horizontal overlap resistance, and fall towards our take profit level 1.67696 which is in line with our horizontal swing low support.