GBP/USD: Possible short-term opportunity long?

FX:GBPUSD   British Pound / U.S. Dollar
165 0
4hr TF.

The higher-timeframe picture resembles the following:

Weekly TF: Current trading action shows the buyers are still showing further interest in taking prices higher. In our opinion, the first area of concern for the buyers on this timeframe should be around the weekly D/S flip area at 1.66917-1.67939.

Daily TF: Daily demand at 1.65492-1.66044 has likely been well and truly consumed, leaving price free to trade down to around the ‘extreme’ daily demand area at 1.64589-1.64949. However, since price is trading within a weekly demand area at present (see above), the push below this daily demand area could have well been a fakeout to accumulate liquidity for pro money to move prices higher, so even though price is free to move lower now, we are confident higher prices will likely be seen sometime this week.

Once the market opened at 1.65911, the buyers immediately took control, pushing price out of the previous three-day 4hr range (1.65654/1.66), and is now (at the time of writing) seen testing the upper limits (as support – 1.66).

We may have found a possible short-term buy trade around this 4hr area (we do not usually trade the lower timeframes) on the 15 minute timeframe, targeting the 4hr S/R flip level at 1.66563. Watch for prices to break above the high 1.66189, and then look to play the retrace to a fresh 15 minute demand area, if no fresh demand area forms, it’s advisable to pass on the trade.

Pending orders/P.A confirmation levels:

• Pending buy orders (Green line) are seen just above a 4hr decision-point level (1.64895) at 1.64944. The main reason we have gone with a pending buy order on this one is simply because we are currently located around a nice-looking weekly demand area at 1.64589-1.66339, and that this 4hr level remains untouched for the time being.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.64944 SL: 1.64497 TP: Dependent on how price approaches) 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.
Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Pine Wizards Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out