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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.
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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