GBPCAD recently reversed down sharply with the daily candlesticks reversal pattern Bearish Engulfing from the resistance level 1.74550 (which has been reversing the pair from August , as can be seen from the daily GBPCAD chart below), intersecting with the upper daily Bollinger Band. Considering the continuation of the strongly bearish Sterling sentiment seen across the FX markets today – GBPCAD is likely to fall further toward the next round support level 1.72000 (former pivotal support level from the start of November).