GBPUSD | Perspective for the new week | Follow-up

British consumers remain affected by an elevated inflation rate, which stayed in double digits in March. Comments from a couple of Fed policymakers pointed to the US central bank raising interest rates by 25 basis points in early May, judging that inflation is still at problematic levels and monetary policy needs to be tightened. The market's immediate reaction to these sentiments has been positive as the US Dollar edged higher Friday and looks set to a bearish tone for the GBPUSD in the coming weeks. However, technical levels on the chart around the 1.23600 zone suggest bears need a whole lot of momentum and fundamental stimulus to break through this zone first as it does have a strong memory for buying power. With no high-impact fundamental stimulus from the UK docket in the coming week; the video illustrates what to look for in the current market structure to signal a buy or sell move this week.

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Trade active:

The new week has started oon a bearish note but Market structure on the 1H timeframe still has a potential of going bullish at the breakout/retest of the 1.24550 level. However a breakdown/retest of the 1.24100 level will welcome selling opportunities.

GOod morning

Trade active:

Buy position triggered

Trade active:

Secure the buy position

Comment:

Trade closed manually:

After being taken out of the buy position with a small profit, we are going to be patient to see how price action reacts to the structure that was broken yesterday around the 1.24550 level to decide what our next line of action will be. Update coming up soon

Good morning

Comment:

Fall out from our live session, a simple set-up identified on the 15 minute time frame

Trade active:

UPDATE

Trade active:

Secure sell positions

Trade closed manually:

Price action takes out all sell positions as it gradually comes back to our key level at the 1.24450 zone. We want to see how price action reacts to this level for the next line of action.

Good morning

Trade active:

Fall out from our live session

30-minute OUTLOOK

Trade active:

Secure the buy position as selling pressure could resume anytime soon. Selling opportunities below the 1.24550 level is still on our radar

Trade active:

Secure all buy positions as buying pressure gets stronger

Trade active:

After being taken out of the buy position, we are going back to the status quo. The illustration on the chart remains valid.

Trade active:

Secure sell position

Trade closed manually:

Out of all positions! Patience is required at this point as we continue to monitor price for signals illustrated on the chart.

Good morning

Trade active:

Fall out from our live session

45-minute outlook

Trade active:

volatility kicks in following the below-expectation GDP data.

Trade active:

Buying pressure resumes as sellers found it difficult to break down the 1.24400 level. Breakout/retest of the 1.24850 welcomes buying opportunities.

Trade active:

Buying pressure resumes as sellers found it difficult to break down the 1.24400 level. Breakout/retest of the 1.24850 welcomes buying opportunities.

Trade active:

Secure buy position

Trade closed manually:

The buy position was taken out as selling pressure resumes within the 1.25100 zone

Good morning

Comment:

Buying pressure resumes, waiting for confirmation

Trade active:

Secure buy position

Trade active:

UPDATE

Close to TP target