Type: Bearish DropKey Levels:Resistance: 1.71354Pivot: 1.70912Support: 1.69632Preferred Case:Price is reacting in the descending channel, signifying an overall bearish momentum. We can expect price to drop from pivot level in line with 127.% Fibonacci projection towards 1st Support in line with 127.2% Fibonacci projection and horizontal support. Our bearish bias is further supported by the stochastic indicator where the %K line dropped from the resistance level.Alternative Scenario:Alternatively, price can push higher up to 1st Resistance in line with 161.8% Fibonacci projection and 127.2% Fibonacci extension.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gbpcad-h4-or-bearish-continuation31"
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