ICmarkets

GBP/USD 1.70000 WILL LIKELY ACT AS MAGNET TO PRICE

FX:GBPUSD   British Pound/U.S. Dollar
100 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• The weekly timeframe shows the sellers are starting to finally show interest within weekly supply at 1.76297-1.67702, could a move down to the weekly demand area at 1.66917-1.67939 be in order?

• Most of the current trading action on the daily timeframe is taking place just above a minor daily S/R flip level at 1.70597. A strong push from here could see price testing daily supply at 1.76297-1.73024, conversely a drop below
this level would likely see a test of the daily S/R flip level at 1.69712.

The market opened at 1.70805 with the buyers seen taking temporary control. A small rally was seen just missing the round number 1.71000 by a pip or two. The sellers then made a reasonable counter attack, but this was unfortunately stopped by the sellers relatively quickly.

Could a drop down to the big round number level 1.70000 be seen soon? It is very possible as we know, and it is highly likely pro money know, there are millions upon millions of orders sitting around that level just waiting to be filled, or in a most cases stopped out.

As we can see from above, the daily timeframe is trading around a current S/R flip level at 1.70597, a drop below here would no doubt trigger a lot of the traders’ stops who are currently long there, thus giving pro money their stops (sell orders to buy into). Not only this, a deep test below the round number 1.70000 would give pro money a load more sell orders to buy into. This deep test could be timed perfectly with the daily S/R flip level at 1.69712 sitting just below where there are very likely active pro money buy orders just waiting for this move. It will be definitely exciting to see how price action unfolds!

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the round number 1.70000 at 1.70058. A pending buy order has been placed here since a nice reaction will more than likely be seen at a big-figure level such as this. Our stop will be wide enough to cope with any deep tests, so we should see some profit from this trade if/when price reaches this level.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• P.A confirmation sell orders (Red line) are seen just below the round number 1.72000 at 1.71943. We have placed a P.A confirmation sell order here simply because these psychological levels are prone to deep tests/spikes, so sometimes it is better to wait for that all important confirmation.

• Areas to watch for buy orders: P.O: 1.70058 (SL: 1.69446 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders 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: 1.71943 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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