After price shook hands with the 4hr demand area at 1.5256-1.5294 yesterday, a strong ceiling of offers were hit around the 1.5320 mark. In the event that price fails to overcome this 4hr intraday resistance level today, it is likely we’ll see the GBP drive lower.
This, at least to us, is a relatively good thing as twenty pips below the aforementioned 4hr demand base lurks a weekly swap (support) level at 1.5235. In addition, we can also see that this weekly level converges beautifully with not only a daily descending channel support (1.1329), but also with a large daily demand zone at 1.5189-1.5345. So, all in all, we believe this to be a fantastic buy zone within this market. We have set an alert at 1.5245, which, if triggered, we’ll begin watching price action very closely for a confirmed long trade.
If, however, price manages to overcome offers at 1.5320 today, then in all honesty, we’d be happy to stay out of the market since there is only twenty pips room to the next upside 4hr target – 1.5342-1.5377.
Levels to watch/ live orders:
• Buys: 1.5235 region Tentative – confirmation required (Stop loss: dependent on where on confirms this area).
• Sells: Flat (Stop loss: N/A).
This, at least to us, is a relatively good thing as twenty pips below the aforementioned 4hr demand base lurks a weekly swap (support) level at 1.5235. In addition, we can also see that this weekly level converges beautifully with not only a daily descending channel support (1.1329), but also with a large daily demand zone at 1.5189-1.5345. So, all in all, we believe this to be a fantastic buy zone within this market. We have set an alert at 1.5245, which, if triggered, we’ll begin watching price action very closely for a confirmed long trade.
If, however, price manages to overcome offers at 1.5320 today, then in all honesty, we’d be happy to stay out of the market since there is only twenty pips room to the next upside 4hr target – 1.5342-1.5377.
Levels to watch/ live orders:
• Buys: 1.5235 region Tentative – confirmation required (Stop loss: dependent on where on confirms this area).
• Sells: Flat (Stop loss: N/A).
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