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.
The GBPCAD is on the verge of breaking out.
I wrote about this possible inverse head and shoulders on September 9.
The key takeaway from that post was that GBPCAD was to remain under pressure while below 1.6300.
However, a close above that neckline at 1.6300 would attract buyers.
While GBPCAD is technically still below 1.6300, buyers aren’t backing down.
This is the same principle I used on Sunday to explain why the EURUSD was likely to show strength this week.
See the video I released earlier today if you don’t know what I’m talking about.
As for GBPCAD, the pair could still weaken from here.
This is not me saying the pair will go higher.
But I think it’s wise to respect the recent higher lows GBPCAD has been carving into 1.6300 resistance.
See the chart below to see what I mean.
Those higher lows are a sign of strength.
It also hints at the potential of a break higher over the coming sessions.
Just don’t forget that resistance is resistance until it isn’t, and right now, 1.6300 is the level buyers need to break.
Do that, and GBPCAD could be on its way to 1.6600 and perhaps 1.6800.
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Thanks for your brilliant analysis.
U trading with H4 do u do analysis with D1 and W1 before entering H4?
Thank you very much
I am so happy . Many thanks
God will continuously blessings u
Justin you’re a start, i respect your insight and understanding of the market behavior. I have been following you for years now and your analysis are spot on
Sir justin thanks for updating this pair I was waiting for it for breakout I had position from higher price I hope we all can make money on this one.
Bardzo dobra analiza i dobre wejście w pozycję i dobry zysk.Pozdrawiam Justin.
Thank You,this is very good lesson
Boss you are the best pls open another WhatsApp group
Please am very grateful for the updates
Your analysis, very good.I hope I join your community soon.
Thanks, Raphael
Thanks, Raphael. I look forward to seeing you there!
surprised by the inmediate result of this analysis
As am I if I’m honest. 🙂
Tkd