SHORT ON GBP/CAD

On the 4hr timeframe price has broken and retest old support as new resistance.

Overall trend is down and price has bounced multiple times off of the 38.2 Fibonacci level is also rejecting the 50 period moving average. (high confluence)

I expect price to bounce one more time off the 38.2 fib level then drop.

Here is the play I will be taking on this pair:

PAIR = GBP/CAD
ORDER TYPE = SELL STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 1.69706
STOP LOSS = 1.70959 - 125 PIPS
TAKE PROFIT = 1.68104 - 160 PIPS