GBPCAD approaching resistance, potential drop!
GBPCAD is approaching our first resistance at 1.7048 (horizontal swing high resistance, 78.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur pushing price down to our major support at 1.6963 (61.8% Fibonacci extension, 76.4% Fibonacci retracement).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results