Daily Video Analysis: GBPCAD facing bearish pressure, potential for further rise!

Today we take a look at GBPCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds under the descending trendline resistance. We could see a reversal at our Buy entry level, in line with horizontal pullback resistance, and further downside towards take profit levels, in line with 61.8% and -27.2% Fibonacci retracement levels. Stochastics has also just reversed from the upper resistance level where it has reacted from before, in line with our analysis.

The material has been provided by InstaForex Company - www.instaforex.com

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