cheesetoast
Long

GBPUSD Buy opportunity?

FX:GBPAUD   British Pound/Australian Dollar
On the daily charts we have 2 demand zones stacked above each other and therefore only interested in buy opportunities.

IF the first demand zone can hold, buying here will offer a very favorable risk/reward back up to the daily supply zone .

Conventional traders will be looking for the break and close above the trend line to confirm a long entry however by then, we would already be in position with stops at break-even.

We will be monitoring the 2 daily zones into next week on the smaller time frames for buy opportunities.
Trade active: Price has reacted from the 4hr supply zone and looking to move higher. For those in trades look to move stops to break-even once price clears 2.04650.
Trade closed: stop reached: trade closed for break-even. Cluster of price activity has formed on the 4hr charts. If there was strong buying interest at this first daily demand zone it would have pushed straight through.

on the side lines now until the next daily demand zone is reached.
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