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GBPCAD Nears Breakout Territory

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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.

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.

Want to watch a video of how I’m trading GBPCAD?

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GBPCAD inverse head and shoulders

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17 comments
Justin Bennett says

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Ricardo Ednalig jr says

Thanks for your brilliant analysis.

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Sunday says

U trading with H4 do u do analysis with D1 and W1 before entering H4?

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Luong says

Thank you very much

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Frank Mongale says

I am so happy . Many thanks

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Joseph segun says

God will continuously blessings u

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Fanelle says

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

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ali says

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.

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Henryk says

Bardzo dobra analiza i dobre wejście w pozycję i dobry zysk.Pozdrawiam Justin.

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Richard says

Thank You,this is very good lesson

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Ekwuenechi says

Boss you are the best pls open another WhatsApp group

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Samuel says

Please am very grateful for the updates

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Raphael says

Your analysis, very good.I hope I join your community soon.
Thanks, Raphael

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    Justin Bennett says

    Thanks, Raphael. I look forward to seeing you there!

    Reply
Hector says

surprised by the inmediate result of this analysis

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    Justin Bennett says

    As am I if I’m honest. 🙂

    Reply
Mark Gill says

Tkd

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