For the last 12 hourly candles the BEARS have pushed down the price of GBP/CAD but have failed to push the price lower than 1.7020.
My experience tells me that continuous price action like this is very weakening for the BEARS as the BULLS stand their ground and don't attempt to drive the price north until they think the BEARS are spent.
I believe we have reached the tipping point and we could see the BULLS exert their authority having been under the cosh since early May. We may yet see further downward forces come into play as the BEARS take a breather and regroup higher up but it seems clear we are going higher over the next few hours. I'm in at market (1.7055) with a STOP under the lows at 1.7020.
My experience tells me that continuous price action like this is very weakening for the BEARS as the BULLS stand their ground and don't attempt to drive the price north until they think the BEARS are spent.
I believe we have reached the tipping point and we could see the BULLS exert their authority having been under the cosh since early May. We may yet see further downward forces come into play as the BEARS take a breather and regroup higher up but it seems clear we are going higher over the next few hours. I'm in at market (1.7055) with a STOP under the lows at 1.7020.