GBPCAD is appraoching 1st support which is our horizontal overlap support in line with 50% Fibonacci retracement and 61.8% Fibonacci extension . Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension . If prices continue to push down, prices might take support on horizontal swing low support in line with 127.2% Fibonacci extension . Ichimoku cloud is also below prices, showing a bullish pressure for prices.
Trading Recommendation
Entry: 1.71447
Reason for Entry:
Horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement
Take Profit: 1.72128
Reason for Take Profit:
Horizontal swing high resistance, 78.6% Fibonacci retracement, 78.6% Fibonacci extension
Stop Loss: 1.70969
Reason for Stop Loss:
Horizontal swing low support, 127.2% Fibonacci extension
