GBPUSD will push lower before it resume the bullish trend
Please refer to my previous Idea of 21st January 2024
Last week was a quite week. There were sideway movements in majority of the markets due to less of Red folder news which was concentrated during two days of last week (Wed&Thus). Therefore, I am expecting some movement this week. Therefore, my analysis still remains for this week.
My plan for this week is: 1. Look to sell GBPUSD until it moves towards demand zone (My profit target).
2. Buy GBPUSD after a good confirmation if it is unable to break structure and target supply zone (My profit target).
There are Red Folder events for GBP currency on 1st Feb 2024 (Thursday) including Official Bank Rate decision. This might affect the movement of the currency.
I have marked two scenarios on the chart which I am expecting to happen in the following weeks.
Last week was a quite week. There were sideway movements in majority of the markets due to less of Red folder news which was concentrated during two days of last week (Wed&Thus). Therefore, I am expecting some movement this week. Therefore, my analysis still remains for this week.
My plan for this week is: 1. Look to sell GBPUSD until it moves towards demand zone (My profit target).
2. Buy GBPUSD after a good confirmation if it is unable to break structure and target supply zone (My profit target).
There are Red Folder events for GBP currency on 1st Feb 2024 (Thursday) including Official Bank Rate decision. This might affect the movement of the currency.
I have marked two scenarios on the chart which I am expecting to happen in the following weeks.
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