Looking at the data and moves from prior week, there are two massive areas of congestion, where the price is constantly being rejected at the top and bought at the bottom.
I expect due to this short week (4th July off), for the GBP/USD cross to remain rangebound... Given that UK just missed recession by having GDP at 0.1%, the main dynamics will be around the US Dollar, and I strongly believe that USD still has some legs to run, therefore my stance on this pair this week is Bearish/Neutral.
Follow the Supply boxes and the reactions from them and trade accordingly.
I expect due to this short week (4th July off), for the GBP/USD cross to remain rangebound... Given that UK just missed recession by having GDP at 0.1%, the main dynamics will be around the US Dollar, and I strongly believe that USD still has some legs to run, therefore my stance on this pair this week is Bearish/Neutral.
Follow the Supply boxes and the reactions from them and trade accordingly.
Comment:
The pair perfectly hit the first supply zone, and partial TP was taken, thin market liquidity, there will be bigger moves than usual on a smaller time frame
Comment:
Pair rose to the upper supply box and a strong rejection - GBP is not ready to go up yet, there must be a strong catalyst for this to happen.
Trade closed manually:
Long closed on GBP as it reached my upper supply zone, waiting for a close below 1.27 on 4h chart in order to initiate shorts.