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.
It would be highly unlikely that GBPUSD will leave the station without collecting liquidity from the quadruple tops created.
My take on it is that we will see a strong bullish rally from here into the order block holding above the highs before we see that collapse we have all been waiting for.
GBPUSD Overview -
Monthly Closure - Strong Bullish closure previous resistance level (very similar situation to GBPAUD)
Weekly chart - market structure broke previous level of resistance and is creating a new HH, previous candle closure bullish ( however, not the strongest bullish candle) ...
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...
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.
Already holding a long on this but for another entry opportunity you can long from this support providing it holds. EMA's are close to crossing, if price rebounds from this level and EMA's stay long then this should be a safe entry. MACD remains very bullish despite retrace. Setting a short term target of 1.40 then can wait for retrace and re-enter a long with a...
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
Seeing a retrace to support after the breakout which is to be expected. Anyone who entered longs on my last post for this pair should still be good to stay in their positions. Looking for it to retrace to the highs of the previous resistance around 0.618 Fibonacci would offer the best entry.
Target remains 1.4000
SL can be just below 0.786 Fib
This has broken the previous high. If you are not already long on this then wait for a pullback to test the previous resistance which will now act as support. A long can be entered here with a target of 1.40