GBPCAD Breaks Consolidation, Targets 1.6600

by Justin Bennett  · 

June 7, 2019

by Justin Bennett  · 

June 7, 2019

by Justin Bennett  · 

June 7, 2019

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.

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

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    1. 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.

  2. 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

    1. 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.

  3. 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.

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