GBP/USD Technical outlook and review.

FX:GBPUSD   British Pound / U.S. Dollar
196 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: The sellers have begun to show some serious interest within weekly supply at 1.76297-1.67702, it is becoming more and more like we will be soon seeing a touch of weekly demand below at 1.66917-1.67939.

• Daily timeframe: Price is currently (at the time of writing) trading below the daily S/R flip level at 1.68963, price is now relatively free to hit the daily demand area at 1.67367-1.68440 which is beautifully located around the aforementioned weekly demand zone , so it may be a good idea to pay attention once/if prices reach here.

Since the last analysis, the market has been moving nicely. A push down to the round number 1.69 was seen where the buyers begun showing a little interest. This interest did not last too long though, the sellers slammed price through the aforementioned round number leaving price free to hit the 4hr demand area below at 1.68013-1.68585. The importance of this area still remains, as pro money on this timeframe likely made the decision to push prices above the round number 1.69, and let’s not forget how conveniently located it is around daily demand at 1.67367-1.68440, so a positive reaction is expected as it looks like price will hit the aforementioned 4hr demand area very soon.

Once, or indeed if buying interest is seen here, we expect (at the time of writing) selling pressure to be seen around the round number 1.69, nonetheless we fully expect a break above this level as we are currently in higher-timeframe demand as already mentioned above.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point area (1.68013-1.68585) at 1.68631. Our reasoning behind placing a pending buy order here rather than a P.A confirmation buy order is simply because of this 4hr decision-point area’s location on the higher timeframes (just above daily demand at 1.67367-1.68440).
• The P.A confirmation buy order (Red line) set just above the round number 1.69000 at 1.69055 has been cancelled since price traded through our entry level.

• The pending sell order (Green line) set just below the round number 1.71000 at 1.70948 has been removed since price is trading too far away for the time being.
• Pending sell orders (Green line) are seen just below the decision-point area (1.69939-1.69663) at 1.69626. We have set a pending sell order here due this being the area pro money made the push below 4hr demand at 1.69512-1.69708, so there may very well be unfilled sell order left there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.68631 (SL: 1.67932 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.69626 (SL: 1.70063 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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