ICmarkets

GBP/USD: Technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
137 0 0
4hr TF

The higher-timeframe picture resembles the following:

• Weekly TF: A break below the weekly demand area at 1.66917-1.67939 has been seen, clearly there is very strong selling pressure coming out of the weekly supply area at 1.76297-1.67702! Prices could now very well be forced to test the weekly demand area below at 1.64589-1.66339.

• Daily TF: A positive daily close below the daily demand area at 1.67367-1.68440 has been seen, price is likely to test the daily demand area below at 1.65492-1.66044 (which is conveniently located within weekly demand at 1.64589-1.66339), as most of the demand/buyers to the immediate left appear to have already have likely been consumed by two prominent tails/spikes (1.66559/1.66978).

At the time of writing we have seen what appears to be price retesting the round number 1.67 after the recent break south. Our P.A confirmation sell order set at 1.66961 has more or less been triggered, ideally we want to see the sellers push prices below the low marked with a green flag at 1.66563 (as per below in the orders section), only then will we consider setting a pending sell order.

As mentioned yesterday, both weekly and daily demand areas (see above for levels) have been consumed, meaning it is likely we may see more selling to the downside relatively soon on those timeframes. What we see on the 4hr timeframe, below the round number 1.67 is a nice-looking fresh 4hr demand area at 1.65492-1.65809 (beautifully located within daily demand at 1.65492-1.66044), and very little in between here to stop price reaching it! So for us on this pair it is certainly a waiting game for now.

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell order (Red line) set just below the round number 1.67 at 1.66961 is now active. The sellers must confirm this round number level by consuming some or most of the buyers around the low marked with a green flag at 1.66563, only then will we be permitted to set a pending sell order in the market.
• P.A confirmation sell orders (Red line) are seen just below the 4hr D/S flip area (1.67389-1.67561) at 1.67327. A P.A confirmation sell order was used here because there is no logical area for a stop-loss order on the 4hr timeframe at least.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: 1.67327 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed) 1.66961 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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