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You can see what we are looking at a bit better once we jump down to the 1-hour chart. Price has formed a bear flag type pattern at the bottom of the larger bear flag we can see on the daily chart. This tells us price will likely continue to the down side.
In order for us to enter short, we would need to see a very corrective ascending channel towards the previous 1-hour high. Alternatively, price can move a bit higher, breaking the 1-hour high and retrace back into the pattern. If price then forms a smaller bear flag, that would be another great entry short.
GBPCAD
www.thepipbull.com
You can see what we are looking at a bit better once we jump down to the 1-hour chart. Price has formed a bear flag type pattern at the bottom of the larger bear flag we can see on the daily chart. This tells us price will likely continue to the down side.
In order for us to enter short, we would need to see a very corrective ascending channel towards the previous 1-hour high. Alternatively, price can move a bit higher, breaking the 1-hour high and retrace back into the pattern. If price then forms a smaller bear flag, that would be another great entry short.
GBPCAD
www.thepipbull.com