GBP/CAD: Daily
After breaking below strong support at 1.8200 and dropping all the way down to 1.7550, the pair has bounced back to retest the broken support (which now happens to be the 61% Fibonacci retracement level). So far, this area has held as resistance and with the stochastic showing potentially overbought conditions, sellers just might see this as an opportunity to re-take control. If you’re bearish on the pair, this price action might be the confirmation you’re looking for to dip a toe back into the long-term trend lower.
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