Downtrend Slowly Forming on GBPCAD

This might be seen as a distribution pattern going back to late February of this year, in the eyes of some. Since then, we've seen price form lower highs. Now, we've pulled back to the 50% Fibonacci retracement level from the recent swing low to swing high, which intersects with a natural horizontal resistance level. As such, I placed an order to short at resistance at 8414, with my stop at 8519 and my target profit at 7990.

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