Price is currently in a downtrend on multiple timeframes and has started retracing from the last low it made. It has left a big imbalance in price and this could be a decent area to look for an entry. Ideally an entry slightly above the imbalance from the 4h OB. The entry area also aligns almost perfectly with the 0.88 fib level, which is an additional confluence. Will be looking for price to drop to the area of liquidity below and potentially to the -61.8 level of the fib as a take profit.
There is a new release happen on the following day of this trade idea about 'Job openings' which could potentially impact the USD heavily. If the news release is a positive one, we can hopefully expect the Dollar to go up in value, causing GBP/USD to make its way down and create a new LL.
There is a new release happen on the following day of this trade idea about 'Job openings' which could potentially impact the USD heavily. If the news release is a positive one, we can hopefully expect the Dollar to go up in value, causing GBP/USD to make its way down and create a new LL.