Potential conclusion to the cable run.
Based on an adjusted Wyckoff Distribution schematic and a simple Supply ad Demand overview, the observation that the GBPUSD has reached a temporary climax can be considered.
We've recently seen a correction to the main impulse made on the 15th of June, mitigating any form of imbalance. This balances out the forces of supply & demand, of which, now the declining price and volume indicate an increasing supply and a declining demand which is likely to lead to bearish momentum towards previous 1H order blocks such as the one around 1.253
We've recently seen a correction to the main impulse made on the 15th of June, mitigating any form of imbalance. This balances out the forces of supply & demand, of which, now the declining price and volume indicate an increasing supply and a declining demand which is likely to lead to bearish momentum towards previous 1H order blocks such as the one around 1.253
Trade closed: stop reached:
Although we broke new lows, we saw an accumulation of bullish volume. Since we failed to sustain the bullish momentum but remained around the previous support, this could indicate insufficient demand to create new highs. There is however an apparent battle between supply and demand and supply is winning most of it, either we'll be hitting sideways for a bit or we'll find a re-entry for a bearish position.
I will keep my mind open for bullish confirmations if I can see them in time.
I will keep my mind open for bullish confirmations if I can see them in time.
Comment:
Strong Support presented at 1.2700 presents a new outlook on market direction. Let's see how NFP will affect Dollar Pairs