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GBPCAD Heavy Price Action Continues; Breakdown Imminent
GBPCAD is behaving exactly as I thought it might. I wrote about the heavy price action here on May 30th, a term I use to describe a lack of buying pressure above a key support area. In the case of GBPCAD, that area is channel support near 1.7020. Here’s the view from the weekly time frame: Even the weekly chart looks heavy. Notice how GBPCAD failed to retest channel resistance after hovering above support during the second half of last year. However, you can see from the daily time frame below how the pair has continued to save itself from closing below this level since retesting it on May 22nd. But the lack of ... (full story)