ICmarkets

GBP/USD: Patiently waiting for price to hit 1.6

FX:GBPUSD   British Pound/U.S. Dollar
45 0 0
Weekly TF: The weekend gap has forced prices to trade below the weekly R/S flip level support at 1.62591, if follow-through selling is seen, the weekly demand area at 1.58533-1.60157 will likely be hit soon.

Daily TF: The gap below daily demand at 1.62510-1.63401 seen at the beginning of the week likely signals a continuation move down to around a fantastic-looking area of daily support at 1.58992 (neatly located within the aforementioned weekly demand area), since looking to the left of current price, most of the daily demand zones appear to have already been consumed.

4hr TF: Since price is currently trading quite close to a weekly demand area (1.58533-1.60157), beginning to look for buying opportunities may not be a bad idea for the time being. The British pound is quite frankly a mess at the moment seen trading around the number 1.61 with no real decision being made yet. We have a sneaky suspicion that pro money may be accumulating buy orders to sell into, ultimately with the plan to test the 4hr demand area below at 1.59875-1.60350, since deep within this zone is a huge psychological number (1.6), these levels tend to be magnets for price! We currently have a pending buy order set just above this round-number level at 1.60112.

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: P.O: 1.60112 (SL: 1.59586 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: 1.62667 (SL: 1.63517 TP: Dependent on how prices approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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