GBPUSD has broken the 1.40 upward trend line, the 1.40 pivot level as well as the 1.3959 fibbo support and continues to look heavy. Dollar is strong post the recent FOMC meeting and we see no sign of this slowing anytime soon.
I would therefore look to sell GBPUSD around the 1.13960 level and would add another sell around the 1.40 level and stop both clips around...
After a huge push from the FOMC, it is important to have two scenarios marked out for the next potential move.
We either pullback from here to fill the imbalance before collapsing into the liquidity pool
We drop from here into the liquidity pool before we return to the upside o fill the imbalance.
Let me know your thoughts in the comment section.
Volume is building around this dense area in the market.
The recent strong bearish breakout would have triggered some sellers into the market, leaving liquidity resting above.
We can expect a significant pullback into the previous demand level before any signs of a sell-off.
If the price approaches the demand level but fail to reject, sells will be invalidated.
It is very likely that we see a strong push to the upside to tackle this previous resistance that was only purged once. Plenty of money is sitting above it, always remember, prices move to where orders reside.
I missed an entry on gu short just before as I took EU short. GU is consolidating sideways. You can take advantage of these moves by riding them up and down in the consolidation period. We have clear IMB to be filled above, With alot of equal highs created. Lets see if this liquidity will get swept to fill the imb . Been a great week of trading for me so far up over 35%!
GBPUSD heading its way back to pre brexit prices with a clear break of the weekly trendline now all signals creating a long should be taken with a target of the psychological price point of 1.50 as a target.
Looks like we have had a double bottom on GBPUSD on the MONTHLY.. Price has broken resistance and i expect a retest of the neckline before continue to go to its next resistance level..
We can probably expect a big retracement from the next zone but we can take profits at that area if we choose too
After a long time of back and forth movement, I would like to think this pair is ready to cover some downside. If you pay attention you will see that the strong resistance has been purged a number of times suggesting banks have enough liquidity to create a strong move.