GBPUSD Imminent Longs or wait for 1.26600 for bullish reaction
This week's analysis suggests a bullish reaction in line with the current uptrend, making it a favorable pro-trend opportunity. Currently, price resides in a 2-hour demand zone, and I'll be closely monitoring for a Wyckoff accumulation pattern. Should my confirmation on the lower time frame align, I'll consider buying, although this zone isn't the most optimal.
Ideally, I'd prefer this zone to fail, allowing for a potential move to mitigate the 2-hour demand zone below or the 3-hour demand zone that swept the bottom boundary of the consolidation. While this zone presents a promising setup, I'll exercise caution and await additional confirmation before considering an entry.
Confluences for GBPUSD Buys are as follows:
- Price has been temporarily bullish and this idea goes along with the current trend.
- Pullback is ongoing so I can anticipate a potential Wyckoff accumulation to unfold.
- Lots of liquidity above that needs to be swept as well as a strong supply as well.
- Price has swept the bottom part of the consolidation causing price to break structure to the upside.
- A few clean demand zones that need mitigating like the current 2 hour or the ones just below.
P.S. Despite the current bullish sentiment, I find the supply zone around 1.28000 on the 10-hour chart intriguing for potential sell opportunities. Therefore, my plan is to aim for buying opportunities leading up to that zone.
HAVE A GREAT TRADING WEEK EVERYONE!
Ideally, I'd prefer this zone to fail, allowing for a potential move to mitigate the 2-hour demand zone below or the 3-hour demand zone that swept the bottom boundary of the consolidation. While this zone presents a promising setup, I'll exercise caution and await additional confirmation before considering an entry.
Confluences for GBPUSD Buys are as follows:
- Price has been temporarily bullish and this idea goes along with the current trend.
- Pullback is ongoing so I can anticipate a potential Wyckoff accumulation to unfold.
- Lots of liquidity above that needs to be swept as well as a strong supply as well.
- Price has swept the bottom part of the consolidation causing price to break structure to the upside.
- A few clean demand zones that need mitigating like the current 2 hour or the ones just below.
P.S. Despite the current bullish sentiment, I find the supply zone around 1.28000 on the 10-hour chart intriguing for potential sell opportunities. Therefore, my plan is to aim for buying opportunities leading up to that zone.
HAVE A GREAT TRADING WEEK EVERYONE!