ICmarkets

GBP/USD: Technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
42 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: The next weekly demand area at 1.64589-1.66339 has been hit, price now remains capped between this area and a weekly D/S flip area above at 1.66917-1.67939.

• Daily TF: A nice-looking daily demand area at 1.65492-1.66044 has recently seen a touch, and at the time of writing, some buying interest is being seen.

Ouch! What a shame we did not have a pending sell order set at the 4hr D/S flip area (1.67389-1.67561), instead we had a P.A confirmation sell level set just below at 1.67327.

A 4hr demand area at 1.65492-1.65809 has been spotted within the daily demand area mentioned above. This 4hr demand area will very likely see a reaction. The round number 1.66 is situated just above this area, perfect for a fakeout, when we say fakeout we’re usually referring to stops being taken. Just below this round number there is no doubt countless traders’ stops who are going to attempt to fade the level, and also don’t forget the breakout sellers’ orders below. All these sell orders will likely be gobbled up as liquidity by pro money if we see a break down into the aforementioned 4hr demand area for a rally higher

Pending orders/P.A confirmation levels:

• New pending buy orders (Green line) are seen just above 4hr demand (1.65492-1.65809) at 1.65878. The reasoning behind setting a pending buy order here is mainly because price would be then trading deep within a daily demand area at 1.65492-1.66044.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• New 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 SL: 1.65357 TP: Dependent on how price approaches). 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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