This to me has a lot of confluence to support this move down to the current structural daily low.
1. Fundamentals point to GBP weakness. Last weeks FOMC has generated USD strength.
2. Internal structure between Day High and Low is moving downward.
3. Consolidation in areas that may likely be institutes building sell positions and protecting those higher sells (blue crosses)
4. Current move down that caused the BOS has created imbalance after where the sell positions were being built (blue crosses).
5. Expecting institutions to take some profits of their sells (by buying) to drive price back into the last blue cross range, which they will then place the positions that they could not place within their pip range targets.
6. The target order block is formed after a drop-base-rally move.
7. This make me believe that the 1hr order block within the green area of interest is the place to sell.
1. Fundamentals point to GBP weakness. Last weeks FOMC has generated USD strength.
2. Internal structure between Day High and Low is moving downward.
3. Consolidation in areas that may likely be institutes building sell positions and protecting those higher sells (blue crosses)
4. Current move down that caused the BOS has created imbalance after where the sell positions were being built (blue crosses).
5. Expecting institutions to take some profits of their sells (by buying) to drive price back into the last blue cross range, which they will then place the positions that they could not place within their pip range targets.
6. The target order block is formed after a drop-base-rally move.
7. This make me believe that the 1hr order block within the green area of interest is the place to sell.