Just a small update from my previous post. I have shifted down a good sell zone for us to consider (1.7025-1.7120). So as we can see, GBPCAD managed to have a small bullish retracement which we can see testing the 61.8 fib area with a failure to test 78.6 fib area at the previous bearish movement. We can also see a rather strong resistance level @ 1.7070 price level where we could possibly increase our sell position. As of now, I can see GBPCAD obeying the 200 MA (Green Line) very well. Previously, we saw it breaking the 200MA heading downward without any retest which I will say current movement here show us a nice retest for the 200 MA, giving us an additional BEARISH outllook for this pair.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
