Fundamentally, GBP overall is still stronger than USD even after the Q2 GBP GDP data release. Weekly GU chart we can see a type of Wyckoff Accumulation with the spring bringing us to where we are right now (1.30000 region). However, in order for GU to keep rising, it will need to create some sort of pullback and that could be another validation to the accumulation schematics ( the test after the spring). A lot of liquidity has been created at the 1.32000 region which needs to be taken out and just above that is an Institutional Candle(IC) on the 8H chart just below the 1.34000 (see chart). Price could distribute right now and create a UT/UTAD to the IC region and then drop and create a test to the spring at the 0.71 - 0.786 fib level where an Order Block(OB) can be found (10H) to then continue its movement to the upside. Divergence can also be spotted from the spring area (Daily). Entry zone (50 pips) is too big so I will be looking to enter on the UTAD test if it is to happen or simply after a successful distribution. This swing trade is 50 pips (will look for a finer entry) SL for a potential 1450 pips TP
Comment:
Took us some time but its activated now
Comment:
BOS to the downside,gonna find another entry, i'm looking for a retracement above at least 0.618. Keeping my eyes on the order block on the 4H (1.32820). Follow price behaviour as it reaches the area and look for entry
Comment:
4H buy to sell candle on 1.30000 would be worth looking at too ngl..4H divergence, 1H buy exhaustion. observe price action before entering!
Comment:
Looking for retracement to level 0.71 fib @1.33000 area to test supply one last time before the sell off