GBPCAD short
Price is currently retesting broken support turned to Resistance with multiple rejections of this area (1.71846) on the hourly time frame. 61.8% is also acting as resistance around this area. I'm giving this trade a fairly big stop loss in case price wants to go higher due to a descending trend line, 78.6% and the 1.72000 area acting as an area of interest for price.
For Targets, we have a nice Bat Pattern in play with the -61.8% extension lining up right on the -27% fib level. In confluence with this, the duplication of the current impulse leg is lining up nicely on the -27% fib level as well. If price reaches this level then it will create a new lower low. We could see some consolidation around this area with a retracement from price before heading lower. This initial target is 1:3.4. Once this target is met i will reanalyze the market to add another possible position to meet my over take profit of 1.70000 with a reward of 21%
For Targets, we have a nice Bat Pattern in play with the -61.8% extension lining up right on the -27% fib level. In confluence with this, the duplication of the current impulse leg is lining up nicely on the -27% fib level as well. If price reaches this level then it will create a new lower low. We could see some consolidation around this area with a retracement from price before heading lower. This initial target is 1:3.4. Once this target is met i will reanalyze the market to add another possible position to meet my over take profit of 1.70000 with a reward of 21%
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