Weekly Price Action Setups & Key Levels | Jul 9-14

Successful Breakout of MT Corrective Structure GBPCAD 2ndSkiesForex

My Current Active Open Trades: EURUSD, NZDUSD, EURPLN, EURNOK, EURGBP, AUDNZD, AX_UN, CUF_UN, CSE, SBER, FXoEURPJPY, FXoEURPLN

GBP/CAD – Successful Breakout of MT Corrective Structure (4h chart)
As mentioned in our members commentary last week, we anticipated the GBP/CAD MT corrective structure to be followed by another impulsive move and it looks as if this move now is manifesting.

There was a first breakout attempt resulting in a false break, but bears did not give up and we ended the last week with a strong bearish move successfully clearing 1.6730.

Next week watch the price action keeping an eye out for weak pullbacks into 1.6730 which could provide traders opportunities to short.

To the downside key support levels come in …

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