ICmarkets

GBP/USD: Technical outlook and review.

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

The higher-timeframe picture resembles the following:

• Weekly TF: The next weekly demand area at 1.64589-1.66339 has been hit, price now remains capped between this area and a weekly D/S flip area above at 1.66917-1.67939.

• Daily TF: Price is seen trading quite deep within daily demand at 1.65492-1.66044 and at the time of writing very little buying interest has been shown.

The reaction around the 4hr demand area at 1.65492-1.65809 does not look in good shape at all! A small bullish reaction was seen up to the round number 1.66, but was quickly pushed back down by the sellers into the 4hr demand area.

We still do expect a rally higher from this 4hr demand area due to where it is located on the on the higher timeframes (Daily demand at 1.65492-1.66044, Weekly demand at 1.64589-1.66339). The first trouble area we see, if price can overcome the round number 1.66 first of course, is the minor 4hr S/R flip level at 1.66563.

However, preparing for any outcome in the market is always a good thing! So, if we do indeed see a push below the aforementioned 4hr demand area, the path south is very likely free down to at least the 4hr decision-point level at 1.64895 which is located very deep both within both the weekly and daily demand areas mentioned above.

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 is now active, so do keep an eye on our first take-profit level set at 1.66563.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the 4hr D/S flip area (1.67389-1.67561) at 1.67327. We have set a pending sell order here because (which was a requirement at the time) the sellers proved this area by consuming the low below at 1.66757.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.65878 (Active) SL: 1.65357 TP: 1.66568 ). P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.67327 (SL: 1.67621 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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