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16.04.202111:06 Forex Analysis & Reviews: GBPCAD reacting below descending trendline resistance! Drop incoming!

Exchange Rates 16.04.2021 analysis

GBPCAD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.72977 towards 1st support at 1.72371 could be possible.Stochastic is testing resistance where price reacted in the past as well.

Trading Recommendation

Entry: 1.72977

Reason for Entry:

78.6% Fibonacci retracement, Descending trendline resistance

Take Profit: 1.72371

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.73555

Reason for Stop Loss:

Graphical swing high

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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