GBP/USD Longs from 1.25000 up to 1.26200
GU exhibits an overall bearish trend on the higher time frame (HTF) but has recently shown a bullish uptrend in the past weeks. Consequently, my strategy involves seeking buying opportunities leading up to the next marked supply zone, followed by potential selling positions as the price retraces. I anticipate a potential dip, possibly reaching 50% of the 16-hour demand or even entering the 10-hour zone below it. However, these zones are expected to prompt an impulsive upward movement that will extend into our 4-hour supply level.
Observing the current setup, there's notable liquidity situated above the present price, and it is likely that the price will sweep through this area before initiating a bearish reaction. Given the temporary bullish trend, it wouldn't be surprising if the price surpasses the 4-hour demand zone, considering the strong bullish momentum evident in the candlestick anatomy.
Confluences for GBPUSD buys are as follows:
- Price has tapped into 16hr demand zone and has caused an initial reaction upwards.
- Wyckoff accumulation has already been forming and just needs the Asian lows to be swept.
- POI has caused a break of structure to the upside and has also swept liquidity.
- Dollar is also looking bearish still so I'm still bullish for this pair at the moment.
- Liquidity lying above in the form of Asian lows and trendline liquidity.
P.S Ideally, I prefer the price to retest the 16-hour demand, eliminating the remaining Asian low within that zone and triggering the 0.78 Fibonacci range associated with the "Break Of Structure." This sequence would enhance the buying scenario by nullifying any potential reversal influences and positioning the price within a more refined and respected zone, as emphasized by the 16-hour demand.
Observing the current setup, there's notable liquidity situated above the present price, and it is likely that the price will sweep through this area before initiating a bearish reaction. Given the temporary bullish trend, it wouldn't be surprising if the price surpasses the 4-hour demand zone, considering the strong bullish momentum evident in the candlestick anatomy.
Confluences for GBPUSD buys are as follows:
- Price has tapped into 16hr demand zone and has caused an initial reaction upwards.
- Wyckoff accumulation has already been forming and just needs the Asian lows to be swept.
- POI has caused a break of structure to the upside and has also swept liquidity.
- Dollar is also looking bearish still so I'm still bullish for this pair at the moment.
- Liquidity lying above in the form of Asian lows and trendline liquidity.
P.S Ideally, I prefer the price to retest the 16-hour demand, eliminating the remaining Asian low within that zone and triggering the 0.78 Fibonacci range associated with the "Break Of Structure." This sequence would enhance the buying scenario by nullifying any potential reversal influences and positioning the price within a more refined and respected zone, as emphasized by the 16-hour demand.