This week's forecast for GBPUSD involves waiting for additional selling pressure to occur before considering buys around the two nearby demand zones I've identified (10-hour and 11-hour). Following the recent reaction from a 7-hour supply, as the price is currently descending, I am anticipating the exhaustion of selling pressure and the accumulation of price.
Upon confirmation of a Wyckoff accumulation, validated by a CHOCH within my demand zone, I will be prompted to initiate buy positions aligned with the prevailing bullish trend in GBPUSD. Additionally, there is notable liquidity to the upside, including engineered liquidity and untouched Asian highs.
Confluences for GBPUSD Buys are as follows:
- There are two demand zones (the 10hr and the 11hr) that price could react off.
- Lots of liquidity in the form of engineering liquidity and asian highs.
- This idea aligns with the temporary bullish trend that GU has generated.
- Selling pressure is slowly getting exhausted and is pending an accumulation.
- For price to continue going higher and create a new leg it must react off a near demand.
P.S. While acknowledging the temporary bullish trend in place, it's important to recognize the overall bearish trend for this pair. This implies that eventually, the price will reach a certain supply level, triggering a significant bearish movement. However, for the present moment, it's crucial to adapt and align with the current bullish trend.
Upon confirmation of a Wyckoff accumulation, validated by a CHOCH within my demand zone, I will be prompted to initiate buy positions aligned with the prevailing bullish trend in GBPUSD. Additionally, there is notable liquidity to the upside, including engineered liquidity and untouched Asian highs.
Confluences for GBPUSD Buys are as follows:
- There are two demand zones (the 10hr and the 11hr) that price could react off.
- Lots of liquidity in the form of engineering liquidity and asian highs.
- This idea aligns with the temporary bullish trend that GU has generated.
- Selling pressure is slowly getting exhausted and is pending an accumulation.
- For price to continue going higher and create a new leg it must react off a near demand.
P.S. While acknowledging the temporary bullish trend in place, it's important to recognize the overall bearish trend for this pair. This implies that eventually, the price will reach a certain supply level, triggering a significant bearish movement. However, for the present moment, it's crucial to adapt and align with the current bullish trend.