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GBPCAD recently reversed down sharply from the strong resistance area lying between the powerful resistance level 1.77500 (which has been reversing the price from March) and the upper daily Bollinger Band. Given strength of the aforementioned resistance area, overbought daily Stochastic and the weakening bullish Sterling sentiment (retracing from maximum levels seen earlier this night) – GBPCAD is likely to fall toward the next support level 1.74800.
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