Looking at the Weekly chart, we see that we have just created an Weekly engulfing candle from the Yearly Open price and 1.1200 MQP.
Due to Great British Pound strength all year, my bias is to the upside. If we break above my Weekly Supply Zone we could see a retest back up to 1.2000 MQP and possible our monthly.
We failed to complete the 1000 pip range from 1.1000 to 1.0000 Bearish. Looking at the potential bullish higher low that is forming on the weekly timeframe, we can suspect that the bulls are taking over and a break of the Weekly Supply zone at 1.1500 will confirm a new bullish bias.
Based on the Weekly Engulfing Candle it is likely we will retest the 1.1500 MQP and Weekly Bearish order block, before making new highs.
A lower time frame bearish trendline break will be my entry for the long trade from 1.1250 to 1.1500 MQP.
Due to Great British Pound strength all year, my bias is to the upside. If we break above my Weekly Supply Zone we could see a retest back up to 1.2000 MQP and possible our monthly.
We failed to complete the 1000 pip range from 1.1000 to 1.0000 Bearish. Looking at the potential bullish higher low that is forming on the weekly timeframe, we can suspect that the bulls are taking over and a break of the Weekly Supply zone at 1.1500 will confirm a new bullish bias.
Based on the Weekly Engulfing Candle it is likely we will retest the 1.1500 MQP and Weekly Bearish order block, before making new highs.
A lower time frame bearish trendline break will be my entry for the long trade from 1.1250 to 1.1500 MQP.