ICmarkets

GBP/USD: Technical outlook and review

FX:GBPUSD   British Pound / U.S. Dollar
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4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: The next weekly demand area at 1.64589-1.66339 has been hit, price now remains capped between this area and a weekly D/S flip area above at 1.66917-1.67939.

• Daily TF: A nice-looking daily demand area at 1.65492-1.66044 has recently seen a touch, and at the time of writing, little buying interest is being seen.

For anyone who took a long trade off of the round number 1.66 had a nice bit of profit to cash in, however for the traders who did not want to settle for what the market was offering, they are now likely in the red!

A solid break below the round number was seen, and at the time of writing, price is trading just above the 4hr demand area at 1.65492-1.65809 (our pending buy order is yet to be filled set just above at 1.65878). We do expect this 4hr demand area to see a bullish reaction due to where it is located on the higher timeframe-picture (Daily demand at 1.65492-1.66044, Weekly demand at 1.64589-1.66339). The first trouble area we see for the buyers here is around the minor 4hr S/R flip level at 1.66563.

Pending orders/P.A confirmation levels:

• Pending buy orders (Green line) are seen just above 4hr demand (1.65492-1.65809) at 1.65878. The reasoning behind setting a pending buy order here is mainly because price would be then trading deep within a daily demand area at 1.65492-1.66044, and also a weekly demand area at 1.64589-1.66339.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the 4hr D/S flip area (1.67389-1.67561) at 1.67327. We have set a pending sell order here because (which was a requirement at the time) the sellers proved this area by consuming the low below at 1.66757.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.65878 SL: 1.65357 TP: Dependent on how price approaches). P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.67327 (SL: 1.67621 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
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