Our Tables Continue To Highlight GBP Weakness
Mon 18th September 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPCAD (Primary Focus Pair)
- EURUSD (Covered In Video)
- EURCAD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Our live proprietary forex strength vs weakness tables continue to highlight the GBP as a weak currency.
It tops both the day traders and trend trades table being weak 1 (W1).
Whether this stays that way is a different question as there are high impact news events this week.
- Wednesday 20th September 7am BST- Consumer Price Index,
- Thursday 1st September 12pm BST- Bank Of England Rate Announcement.
These types of data announcements can create a change in direction, so they will need to be monitored appropriately.
CAD remains on our tables as strong 1 (S1), making GBPCAD a forex pair to watch.
Looking at the GBPCAD H4 chart, we can see the price is in a strong downward trend.
Price has broken down through multiple support levels including the current H4 highs at 1.6800.
This level at 1.6800 on the H4 chart could be used as resistance going forward.
We also have confluence with trend line resistance which originates from the highs of 11th September at 1.7050.
Our plan then consists of price retracing back to the 1.6800 level of resistance and rejecting it for further confirmation of a bearish trend.
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