We had expected the level at $1.1608 might act as resistance in the GBPUSD currency pair last week: Forex Forecast Trading
the USD/CAD currency pair, as it had acted previously as both support and resistance. Note how these “role reversal” levels can work well.
The H1 price chart below shows howinverse hammer candlestickmarked by the down arrow signaling the timing of the bearish rejection. This is typically a great time of day to be entering trades in major Forex currency pairs. This trade has been nicelybased upon the size of the entry candlestick.
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