GBPCAD recently reversed down from the resistance area located between the key resistance level 1.73500 (former monthly high from the end of October), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous shot-term ABC correction 2 from the end of July. Given the intensifying sterling bearish sentiment seen across the currency markets today, GBPCAD is likely to fall further toward the next support level 1.71000 (former minor support from the start of November) – the breakout of which can lead to further losses toward 1.7000.