ABCD with CTL breaks on the way up.
Bulls appear to be in control, collecting stops on the way up.
- D1 completion (127% Fib extension of AB)
- 161.8% Fib inversion of BC
- 161.8% Fib extension of part CD move
- Previous Weekly high
- 127.00 round psychological round number
Potential falling wedge on the H4.
I closed my position on GBPUSD due to the news later today, and re-entered on this pair (as they're very positively correlated).
If you look on the 1hr TF you'll see the smart money is in control. First they'll let sellers build positions and then buy it back up at a cheaper price, collecting stops all the way up.
Also look at the false breakout on the 20th Jan at 7-8am. Smart money sold and reversed their positions and have been taking this higher and higher.