We have got pretty interesting trade here on the GBPCAD Daily Chart. It is Inside Bar Price Action Formation. This signal tells us that we can sell with a Stop Order On The BREAKOUT POINT of that formation which is @ around 1.6403 level. This inside bar is completed at a key resistance level (the upper red one line), and that means a signal for a counter-trend trade
Since the Mother Bar of that Formation is quite big here, we can put our Stop Loss on a 50% retracement of the mother bar.