FX.co ★ GBPCAD facing bearish pressure, potential for further downside!

Prices are facing bearish pressure from horizontal swing high resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. Prices might push down towards 127.2% Fibonacci extension, 161.8% Fibonacci retracement and horizontal swing low support level. If prices break and close above 1st resistance, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.71108

Reason for Entry:

Horizontal swing high resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 1.70326

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci retracement, 127.2% Fibonacci extension

Stop Loss: 1.71539

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci extension