GBPCAD currency pair recently reversed down from the combined resistance area lying between the key resistance level 1.70450 (former multi month support level which has been reversing the pair from the middle of May as can be seen from the daily GBPCAD chart below), 20-day moving average and the 61.8% Fibonacci correction of the downward impulse from the start of October. Given the strongly bearish sterling sentiment seen today – GBPCAD currency pair can be expected to fall further toward the next support level 1.69000 (which has been reversing the pair from the end of 2020).