FX.co ★ Daily Video Analysis: GBPCAD (Bearish Breakout)

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 has seen a bearish breakout from below the ascending channel support, where we could see further downside below sell entry level, in line with 23.6% Fibonacci retracement, towards take profit level, in line with 61.8% Fibonacci retracement and -27.2% Fibonacci retracement. MACD is also below 0 line, showing possible bearish momentum.