The British Pound to US dollar is exhibiting a similar trend to the charts we previously analyzed. The smaller time frame swing moves have broken down, indicating a bearish shift in the order flow. We have identified a small gap above previous price action and a small gap below our most recent swing low, leading us to believe in the possibility of a short-term retracement bringing us back into the zone above before continuing downwards towards the liquidity highlighted on the left. We plan to follow this pair in the same manner as the previous two pairs, catching some very nice sell moves off of it as it delivers bearish ranges. We will be looking for a weekly high to form around Monday or Tuesday before following this bearish trend further down into the lower liquidity pools. However, if the pair decides to continue bearish without retracing, we will follow the order flow. As always, refer to the DXY to understand the general market direction.
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
We'll be closely monitoring market openings and price action throughout the week. If you find this analysis useful, let us know in the comments below and hit the boost button to show your support. Here's to a successful week of trading!
