GBPUSD is currently in a consolidation phase on the H4 Chart. This will create counter-trend opportunities on lower timeframes so I will be looking for price action patterns around the key Daily support and resistance zones. Price is currently @ the Daily Support Zone* ( 1.40730- 1.41080) so I will be looking for counter-trend opportunities on lower timeframes....
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.
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.
This pair has been treading smoothly to the upside creating higher lows whilst respecting order blocks on its way up.
We are coming to a highly liquid area in the market that will be more than likely manipulated.
We have two scenarios for GBPUSD
- We either pull back aggressively into the previous structure before purging the huge supply zone holding above...
We have read that the US economic growth of 6.4% did not change the view of the Fed to be more in hawkish mode.
This shall maintain my view that USD is still waiting for its catalyst moving forward.
As per 4H chart, the trendline is being tested, if there is a bounce, I would consider that my long view on GBPUSD is supported.
There is too much liquidity lying at these higher levels for the bearish trend to continue, my guess is that price will come to 1.40 again before any reversals take place. I will be holding on tight to my buys from the low points.
In this video I explain why we could be in for a move back down to 1.36000 for GBPUSD and a possible place for entries if we were to have a pull back after seeing that very impulsive push to the downside on this pair.
Thanks for Watching!
If you have agree, disagree or have any questions just drop a comment below :)
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.
GBPUSD Short waiting for price to have a small retracement before entering sells we have a double touch trend line coming up to our 4th elliot wave theory with a retarcement up to the .6 fib
This is a great selling opportunity!
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%!
GU short potential. PA is moving up very efficient at the moment. I will only be looking for a short if we have a bit of a distribution pattern develop in my key area, with Imbalances on the lower time frames to protect my capital to target too. Its coming up to New york session soon, Lets see if PA can have a push up and we develop some sideways movement. If PA...
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.
Hello and welcome back traders🙂.
GBPUSD is currently trading in a descending wedge pattern.
It is currently making lower highs and lower lows and should continue this trend until hit hits the major trendline or breaks out of the descending wedge pattern.
A good entry point on a short term short trade would be at the 1.38659 support turned resistance...