This week's analysis for GBPUSD is promising. I'm currently anticipating a slight upward movement to reach the nearby Asian high and mitigate the supply zone at a deeper level. Alternatively, if this doesn't happen, I'm prepared for a potential reaction from the 4-hour supply zone above. This particular supply level has triggered a change of character (CHOCH) to the downside and aligns with the 0.78 Fibonacci range.
Since the price is in proximity, I'll be patiently waiting for a redistribution within the zone. Subsequently, my plan involves executing sell orders to guide the price down, targeting the trendline and addressing the 3-hour demand zone situated beneath it.
Confluences for GBPUSD sells are as follows:
- Overall trend of the market is bearish on the higher time frame
- Price has caused a new CHOCH to the downside.
- New supply zone has emerged that caused this move which aligns with 0.78 fib range.
- Trendline liquidity below to target as well as a 3hr demand zone that needs mitigating.
- Bullish momentum is slowly dying down and I can see price reversing soon.
P.S. While this is my current perspective, I acknowledge the possibility of a temporary bullish scenario due to substantial liquidity to the upside. Therefore, I wouldn't be surprised if the price surpasses my identified supply level and reaches the extreme one ontop at the 10hr
LET'S HAVE A GREAT WEEK AHEAD TRADERS AND LET'S CATCH THESE PIPS!
Since the price is in proximity, I'll be patiently waiting for a redistribution within the zone. Subsequently, my plan involves executing sell orders to guide the price down, targeting the trendline and addressing the 3-hour demand zone situated beneath it.
Confluences for GBPUSD sells are as follows:
- Overall trend of the market is bearish on the higher time frame
- Price has caused a new CHOCH to the downside.
- New supply zone has emerged that caused this move which aligns with 0.78 fib range.
- Trendline liquidity below to target as well as a 3hr demand zone that needs mitigating.
- Bullish momentum is slowly dying down and I can see price reversing soon.
P.S. While this is my current perspective, I acknowledge the possibility of a temporary bullish scenario due to substantial liquidity to the upside. Therefore, I wouldn't be surprised if the price surpasses my identified supply level and reaches the extreme one ontop at the 10hr
LET'S HAVE A GREAT WEEK AHEAD TRADERS AND LET'S CATCH THESE PIPS!