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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
I alerted readers to a GBPCAD short idea on June 4th and again on the 7th.
The pair had broken consolidation and also closed the day below channel support that extends from the September 2017 low.
I entered short during the June 7th retest of 1.6980 as new resistance. I announced this entry in the member’s area.
It’s why I wrote that I’d be staying short below 1.6980 on the 14th.
As you can see from the chart below, GBPCAD is just 50 pips away from reaching our 380 pip target at 1.6600.
That level marks the 2018 low. It was also the base for the triple bottom that materialized between August and October of last year.
So from here, I do expect a bounce from the 1.6600 area.
It’s difficult to say how high GBPCAD might bounce once it reaches 1.6600, but the 1.6750 resistance area is one to watch in my opinion.
You can see how 1.6750 attracted buyers between June 18th and the 21st.
As such, I would expect the pair to encounter sellers in this area if tested over the coming sessions.
If GBPCAD breaches 1.6750 resistance, I will look to 1.6980 to reload for a another short.
Alternatively, a daily close below 1.6600 would expose the October 2017 lows near 1.6360.
Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...
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