GBP/USD Longs from 1.24800 up towards 1.26600
My analysis for GBPUSD this week is to uphold the bullish trend we've observed over the past week. With a newly established 1-hour demand zone and a nearby 5-hour demand zone, I anticipate price to decline from the current supply and head towards the demand zone.
This move is expected to occur mid-week as price retraces and forms a Wyckoff accumulation within the demand zones. Presently, I maintain a bullish stance until price reaches the daily supply zone. Upon reaching this zone, I will seek significant selling opportunities as it represents a high-quality zone.
Confluences for GU Buys are as follows:
- Price has been bullish in the recent price action as you can see via the market structure.
- Two demand zones in close proximity has caused a break of structure to the upside.
- lots of liquidity in the form of Asia highs above to target as liquidity.
- Unmitigated daily supply that price needs to go towards.
- Dollar is also dropping so it makes sense with this bias. as they move opposite.
P.S. If price breaks through the current supply, I anticipate it will target the liquidity above and possibly head straight for the supply zone above.
Have a great trading week!
This move is expected to occur mid-week as price retraces and forms a Wyckoff accumulation within the demand zones. Presently, I maintain a bullish stance until price reaches the daily supply zone. Upon reaching this zone, I will seek significant selling opportunities as it represents a high-quality zone.
Confluences for GU Buys are as follows:
- Price has been bullish in the recent price action as you can see via the market structure.
- Two demand zones in close proximity has caused a break of structure to the upside.
- lots of liquidity in the form of Asia highs above to target as liquidity.
- Unmitigated daily supply that price needs to go towards.
- Dollar is also dropping so it makes sense with this bias. as they move opposite.
P.S. If price breaks through the current supply, I anticipate it will target the liquidity above and possibly head straight for the supply zone above.
Have a great trading week!