GBPCAD recently broke the support area lying between the support level 1.72000 (low of the previous minor correction from the end of August) and the 50% Fibonacci correction of the previous sharp upward impulse wave 1 from the middle of June. Given the strong bearish sentiment continuing to affect the sterling today – GBPUSD is likely to extend toward losses toward the next support level 1.70400 (target price for the completion of the active minor correction 2).