Daily Price Action
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GBPCAD Breaks Consolidation, Targets 1.6600

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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.

GBPCAD sellers came through in a big way on Thursday.

I’ve written about this ascending channel pattern a couple times in recent weeks.

Be sure to see my June 4th commentary if you missed it.

Ironically, the GBPCAD broke channel support on the same day I published that post.

If you look closely, you’ll notice that every attempt to climb back above former channel support since June 4th has failed.

I pointed this out to Daily Price Action members yesterday.

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I also wrote about the 1.6980 horizontal level this week.

You can see how this level attracted buyers back in February and did so again more recently in May.

Thursday’s session closed below this 1.6980 area, which meant it was likely to attract sellers on a retest as new resistance.

That’s exactly what we saw happen earlier today.

I entered short on that retest of the 1.6980 area. That was the plan that I announced yesterday in the member’s area.

As I mentioned on the 4th, the next key support doesn’t come in until 1.6600.

That’s the location of the triple bottom from late last year as well as the 2018 low.

As long as the 1.6980 area is serving as new resistance on a daily closing basis, my bearish outlook for GBPCAD is intact.

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GBPCAD breakdown on the daily time frame

About the Author Justin Bennett

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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  • Justin Bennett says:

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    • Joe says:

      Hi Justin,

      I confirm your analysis. Further more I don’t see any obstacles preventing a further downtrend as Canada had better than expected economic reporting at the most i’m waiting too see what the unemployment rate will be for GBP on June 11th.

  • kingselyekwuenechi says:

    Thanks much pls I will to know how you mark out support and resistance sir

    • Justin Bennett says:

      You’re welcome. I do it manually using the significant highs and lows.

  • denny wahyudi says:

    Hi Justin…I’ve always enjoy your review thanks so much for sharing them . One thing comes to my mind is how do you manage to overview all of the pair . You seem to know exactly how to enter the trade . Do you use alert or something else . Can u share your method to enter the trade properly . Thanks before

  • Ridwan says:

    Sir, how do you catch that retest because I know you trade only a the end of the day?

    • Justin Bennett says:

      You misunderstand. Just because I use the daily time frame doesn’t mean I don’t place trades intraday.

      GBPCAD closed Thursday below 1.6980. It then retested it as new resistance on Friday. It doesn’t get any simpler than that.

  • IDOGEI emmanuel says:

    One of my most important goal this year with respect to my Forex trading journey is to become a full member/mentee of yours. That will be achieved soonest hopefully. I took your daily price action course and this has improved my trading very much. I can now spot trade set up on a daily time frame on my own and take entries. Thank you Justine with your informative analysis and simple way of teaching.

    • Justin Bennett says:

      You’re welcome. We look forward to having you as a member.

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    Sir I follow you closely and I must say your work is superb, I’ve tried JOINING your community BUT unfortunately am Not able to due to payments methods available, I only have Skrill as my e-wallet. Plz help me to join your community.

    • Justin Bennett says:

      If you sent me an email, I will respond shortly.

  • idogei emmanuel says:

    What you are doing with your free analysis and trade ideas is making life better for traders and making trading interesting and profitable.

    This is fulfilling purpose of existence and truly living.

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    Regards
    Idogei Emmanuel- Nigeria

    • Justin Bennett says:

      You’re welcome, Idogei. Thanks for sharing, and enjoy your weekend.

  • Sumantra kumar halder says:

    Excellent analysis

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