From a macro point a view, Cable has been bullish from the 23rd October 2023 with the highs sitting @ 1.28273 but zooming out, it is evident that this might be a relief rally into the beginning of Q1 2024 to engineer more sell stop orders below prior swing lows. Observing Jul 13 2023 highs and Oct 3rd 2023 lows, we can clearly see that current prices is at a premium with this weeks candle spiking briefly into a discount before closing at the end of the week in a premium.
Last week, my target was for
GBPUSD
to trade to the 50% equilibrium @ 1.26451 which was missed y a few ticks. Although it still is in the cards, I am expecting a spike to that area before a gradual decline. Bullish candle body closure above the weekly fibonacci and above the daily bearish order block @ 1.26879 will negate my trade setup.
I do believe that further discounted prices are inbound with the weekly bullish order block being the goal and 1.25002 being the #1 confirmation.
Utilizing
DXY
bias, if we are to see risk on dollar,
GBPUSD
as well as
EURUSD
has a higher tendency to retrace lower, with the bullish 1-hour order block being an area of interest @ 1.26385
My philosophy is simple...
Fortify Michael J Huddlestone's concepts that I have studied to consistently predict where the market is more likely to go.
This includes;
- Market Structure
- Buyside/Sellside Liquidity
- Order Blocks
- Liquidity Voids
- Fair Value Gaps
- Optimal Trade Entry
- Premium/Discount Array
- SIBI/BISI
- Many More!
The strategies mentioned here are some of many that I use to implement into my analysis and over time, with consistency I aim to achieve a high degree of accuracy in the markets with the foresight and understanding to assess what went wrong when my bias is negated.
Credits;
- Michael Joe HUDDLESTONE
- Shawn Lee POWELL
- Toray KORTAN
Last week, my target was for
GBPUSD
to trade to the 50% equilibrium @ 1.26451 which was missed y a few ticks. Although it still is in the cards, I am expecting a spike to that area before a gradual decline. Bullish candle body closure above the weekly fibonacci and above the daily bearish order block @ 1.26879 will negate my trade setup. I do believe that further discounted prices are inbound with the weekly bullish order block being the goal and 1.25002 being the #1 confirmation.
Utilizing
DXY
bias, if we are to see risk on dollar,
GBPUSD
as well as
EURUSD
has a higher tendency to retrace lower, with the bullish 1-hour order block being an area of interest @ 1.26385 My philosophy is simple...
Fortify Michael J Huddlestone's concepts that I have studied to consistently predict where the market is more likely to go.
This includes;
- Market Structure
- Buyside/Sellside Liquidity
- Order Blocks
- Liquidity Voids
- Fair Value Gaps
- Optimal Trade Entry
- Premium/Discount Array
- SIBI/BISI
- Many More!
The strategies mentioned here are some of many that I use to implement into my analysis and over time, with consistency I aim to achieve a high degree of accuracy in the markets with the foresight and understanding to assess what went wrong when my bias is negated.
Credits;
- Michael Joe HUDDLESTONE
- Shawn Lee POWELL
- Toray KORTAN
Comment:
A retracement to 1.26283 and not beyond 1.26604 is considered a healthy relief rally for considering short positions to and potentially through 1.25716.
Just like the stock index markets,
GBPUSD
suffered the same fate but this does not rule out a massive bullish rally, with a daily close in a premium above 1.26451
Just like the stock index markets,
GBPUSD
suffered the same fate but this does not rule out a massive bullish rally, with a daily close in a premium above 1.26451
Currently rangebound with Mondays price action not really giving me any tell-tale signs.
High-Impact news throughout today, especially during US sessions will induce volatility into the risk pairs;