GBPCAD: Potential Swing High in Place

Yesterday’s close strongly suggests a swing high has formed and for the bearish trend to resume.


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After the deeper pullback to the outer Bearish Channel I suspect we have seen the swing high. Now it is a case of entering at a favourable price to get short which will require a sizeable retracement within yesterday’s candle.

The session finished with a Dark Cloud cover reversal but the Monthly S1 and within the Bearish Channel . As we closed near the lows after a volatile session it could make the reward / risk ratio unfavourable to enter around current levels, assuming we are trading D1.


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Alternatively we could refer to intraday price action to seek bearish setups below resistance to assume the downside move will continue. I still favour an eventual retracement towards the Daily Pivot but near-term price action appears to be prepping up for another move down.


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