Weekly forecast for GBP/USD

This is my weekly forecast, last week price broke through two of my bearish areas of interest , price is just below another one of my bearish POI's that i marked out last week and a change of character has happed which could be an ideation that the higher time frame has started to pull back . Last week we did see some strong bullish momentum come into GBP/USD, this is potentially caused by BoE indicating that they are going to start temporary purchases of long-dates UK government bonds from 28 September. The purpose of these purchases will be to restore orderly market conditions, they have also stated that these purchases will be strictly time limited and they are intended to tackle a specific problem in the long-dated government bond market. For those that don't know how this will effect the forex market here's a little explanation, Bond yields actually serve as an excellent indicator of the strength of a nation's stock market, which increases the demand for the nation's currency. With this in mind we could see some bullish continuation this week. I still think that the overall trend for GBP/USD is bearish but as i explained in last weeks weekly forecast price did look a little overextended to me. This week i will be looking to see how price reacts to my bullish POI's i have marked out, if i get conformation i will be looking to long GBP/USD, if price breaks last weeks high i will also continue to look for longing opportunities and if price breaks below the 4h HL i will look for shorting opportunities.

I welcome any feedback you might have and if you have any questions feel free to message me:)

Disclaimer: I am not a financial advisor. Do not take anything on TV as financial advice, ever.

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