GBPUSD chop and possibly a retrace
Price Altitude: Middle
Daily Trend: Down
4H Trend: Down
Price Analysis: Just like EURUSD, GBPUSD has weakened considerably against USD. In the process, demand zones have been removed and supply zones have been created.
Anticipated Move: Since price is hanging out at the 25% resistance with underlying 4H demand that has been touched @ 1.27256 and overlying supply at 1.28195, I anticipate chop before a retrace occurs into overlying 4h supply.
Price Points of Interest:
4h Supply @ 1.28195
Stacked 4H Demand @ 1.26736
Stacked 4H Demand @ 1.26257
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Daily Trend: Down
4H Trend: Down
Price Analysis: Just like EURUSD, GBPUSD has weakened considerably against USD. In the process, demand zones have been removed and supply zones have been created.
Anticipated Move: Since price is hanging out at the 25% resistance with underlying 4H demand that has been touched @ 1.27256 and overlying supply at 1.28195, I anticipate chop before a retrace occurs into overlying 4h supply.
Price Points of Interest:
4h Supply @ 1.28195
Stacked 4H Demand @ 1.26736
Stacked 4H Demand @ 1.26257
This analysis is meant to be educational, inspirational and confirming of your own analysis. Trade carefully, trade wisely by managing your risk exposure.
Trade closed: target reached:
GBPUSD retraced right into the 4h Supply @ 1.28195 to fall lower. Targets reached.