Some rectangular bottoms have formed on the GBPCAD pair, i count 6 touches included wick ends on the first and looking for a 6th touch on the lower trendline on the second rectangular bottom.
Sell below 1.7666.
Stop loss at 1.7810.
Take profit at 1.7303.
Reason for the trading strategy (technically):
GPDAUD is approaching its resistance at 1.7666 (61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal pullback resistance) where a reversal to its support at 1.7303 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal...
