perspective: From here, we can see that price is currently trading between a daily decision-point supply area seen at 1.5136-1.5020, and a daily demand area coming in at 1.4686-1.4805.
4hr timeframe perspective: The weekly open (1.4969) saw the GBP break down during yesterday’s trading sessions, completely ignoring the 1.4900 level in the process. However, as you can probably see, a nice bit of buying pressure came into the market around an almost invisible 4hr decision-point demand area at 1.4817-1.4842, and as a result, managed to get back above 1.4900.
Taking all of the above into consideration, our team has decided that no longs will be initiated on this pair until we see a clean close above the 1.5000 mark. Entering long at this point would place you against potential selling from not only 1.5000, but also the aforementioned weekly Quasimodo , which, you may remember, is also supported by the upper daily range barrier at 1.5136-1.5020. With that, the main focus for today will be firmly on the 1.5000 level looking for confirmed lower timeframe shorts. In the event that a short entry is seen here, we’ll look to trail this one down to at least 1.4900 (dependent on how price approaches 1.5000) before taking partial profits.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: 1.5000 (Predicative stop-loss orders are seen at: dependent on where one confirms this level).