Type: Bearish DropKey Levels:Resistance: 1.70905Pivot: 1.70076Support: 1.68347Preferred Case:Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect price to drop from the pivot level in line with 127.2% Fibonacci projection towards 1st Support in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.Alternative Scenario:Alternatively, price can push higher towards 1st Resistance in line with 161.8% Fibonacci projection.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gbpcad-h4-or-bearish-continuation"
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