ICmarkets

GBP/USD: Technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
92 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• 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: Any buyers who attempted to trade the daily demand area at 1.65492-1.66044 have now likely been forced to cover their positions as a break below has been seen. The path south is very likely now clear down to the daily demand area at 1.64589-1.64949, nonetheless, we are fully prepared for price to retrace up to at least the daily supply area at 1.67364-1.67105 before the aforementioned daily demand area is hit.

Our pending buy order set just above 4hr demand (1.65492-1.65809) at 1.65878 has now been unfortunately stopped out form the weekend gap that saw the market open below last week’s close (1.65659) at 1.65441.
With most, if not all the buyers consumed around the aforementioned 4hr demand area, the path south is now likely free down to at least the round number 1.65, but more importantly a 4hr decision-point level which is lurking just below at 1.64895 (located deep within weekly demand at 1.64589-1.66339, and also just within a daily demand area at 1.64589-1.64949).

A bearish reaction has been recently seen around the round number 1.66, if we see a break below the low marked with a blue arrow at 1.65345, we will then be looking for a short-term sell around the round number level just mentioned, if, and we must emphasize the word ‘if’ here, we do not hit the round number below at 1.65 first. As already said this is only a short-term opportunity, and we are fully aware of where price is currently located within the higher timeframe picture, so we remain extra cautious with trades like this.

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 has been stopped out.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below the 4hr D/S flip area (1.67389-1.67561) at 1.67327 has been removed since price has now traded too far from the entry level for the time being.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.

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