GBPCAD approaching resistance, potential drop!
GBPCAD is approaching our first resistance at 1.7260 (Horizontal swing high resistance, 100% fibonacci extension, 50% fibonacci retracement) and a strong drop might occur pushing price down to our major support at 1.7139 (Horizontal pullback support, 50% fibonacci retracement).
Stochastic (89, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results