GBP/USD: Possible buying opportunity forming.
Weekly Timeframe: The sellers continue to dominate the British pound which has consequently seen price forced south towards a weekly resistance flip level coming in at 1.57166. It will be interesting to see what the lower timeframes have to say about this.
Daily Timeframe: The daily timeframe shows that price has successfully consumed the daily demand area seen at 1.57736-1.58390, and as result has seen price trading just above a daily demand area at 1.55602-1.56802.
4hr Timeframe: A small amount of buying interest is currently being seen off of the 1.57 level, which is encapsulated by a 4hr demand area coming in at 1.56845-1.57318.
Considering the fact that price is trading around an area of weekly support (1.57166), and just above a daily demand area (1.55602-1.56802) at the moment, our bias for the time being is currently long. A weekly close below the 1.57166 barrier would be required to invalidate that bias, as this would also put a significant amount of selling pressure onto the aforementioned daily demand area.
One could potentially enter long now and see if price will hit the first target, which for us would be the 4hr decision-point supply area coming in at 1.57804-1.57578. However, we would prefer to wait for some lower timeframe confirmation here, which has yet to be given, so for time being we’re forced to sit on our hands and patiently watch price action unfold.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: The daily timeframe shows that price has successfully consumed the daily demand area seen at 1.57736-1.58390, and as result has seen price trading just above a daily demand area at 1.55602-1.56802.
4hr Timeframe: A small amount of buying interest is currently being seen off of the 1.57 level, which is encapsulated by a 4hr demand area coming in at 1.56845-1.57318.
Considering the fact that price is trading around an area of weekly support (1.57166), and just above a daily demand area (1.55602-1.56802) at the moment, our bias for the time being is currently long. A weekly close below the 1.57166 barrier would be required to invalidate that bias, as this would also put a significant amount of selling pressure onto the aforementioned daily demand area.
One could potentially enter long now and see if price will hit the first target, which for us would be the 4hr decision-point supply area coming in at 1.57804-1.57578. However, we would prefer to wait for some lower timeframe confirmation here, which has yet to be given, so for time being we’re forced to sit on our hands and patiently watch price action unfold.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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