Looking at GBPCAD, we can see that the previous BEARISH movement failed to reach 161.8% fib level. In fact, price retested the broken support level @1.6950. This could signal another wave of BEARISH movement as we are currently eyeing for 2 possible price rejection level. I have identified the supply zone (red area) where I strongly believe BEARISH pressure will take price towards minimally the 161.8% fib level and even the strong support @1.6785.
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