ICmarkets

GBP/USD: Weekly technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
36 0 2
Weekly TF.

There is clear selling pressure from the major weekly supply area at 1.76297-1.67702, as price has smashed through the weekly demand area at 1.66917-1.67939 with little trouble, and is now currently seen trading quite deep within the weekly demand area below at 1.64589-1.66339. Is there any chance higher prices will be seen from this weekly demand area?

Daily TF.

The buyers around the daily demand area at 1.65492-1.66044 seem to be in a lot of trouble, as price is seen trading very deep within this area, with little to no interest being seen by the buyers at the moment. A break below this area could very well force prices down to the daily demand area at 1.64589-1.64949 (located very deep within the aforementioned weekly demand area). So, at the time of writing it appears price will likely see more of decline before any higher prices are seen according to the daily timeframe .

4hr TF.

Here on the 4hr timeframe we are getting a magnified view of what is going on in the aforementioned daily demand area. The 4hr demand area at 1.65492-1.65809 is seeing a pitiful reaction from the buyers, where the round number 1.66 seems to be stopping any attempt at higher prices, so things are not looking very positive at the moment for higher prices out of the weekly demand area.

A break below this 4hr demand area will likely see price dropping down to a 4hr decision-point level at 1.64895 which is located deep within weekly demand at 1.64589-1.66339, and also within a small daily demand area at 1.64589-1.64949.

Pending orders/P.A confirmation levels:

• The pending buy order (Green line) are set just above 4hr demand (1.65492-1.65809) at 1.65878 is now active, so do keep an eye on our first take-profit level set at 1.66563.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the 4hr D/S flip area (1.67389-1.67561) at 1.67327. We have set a pending sell order here because (which was a requirement at the time) the sellers proved this area by consuming the low below at 1.66757.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.65878 (Active) SL: 1.65357 TP: 1.66568 ). P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.67327 (SL: 1.67621 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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