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GBPCAD recently reversed down from the resistance area lying between the resistance level 1.71800 (former monthly low from April), upper daily Bollinger Band and 38.2% Fibonacci correction of the pervious downward correction (2) from the start of May. Given the strong bullish sentiment affecting the Canadian dollar today – GBPCAD is likely to fall further toward the next round support level 1.70000 – the breakout of which can lead to further losses toward the next support level 1.69000.
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