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Tickmill
Sep 21, 2018 4:15 AM

GBPCAD approaching resistance, potential drop! Short

British Pound/Canadian DollarFXCM

Description

GBPCAD is approaching our first resistance at 1.7182 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 1.6951 (horizontal overlap support, 100% Fibonacci extension, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our resistance and a reaction below this level might see a corresponding drop in price.
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