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

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. Price is facing bearish pressure as it holds under the descending trendline resistance. We could see a reversal at our Buy entry level, in line with horizontal pullback resistance, and further downside towards take profit levels, in line with 61.8% and -27.2% Fibonacci retracement levels. Stochastics has also just reversed from the upper resistance level where it has reacted from before, in line with our analysis.