ICmarkets

GBP/USD: Technical outlook and review

FX:GBPUSD   British Pound/U.S. Dollar
42 0 1
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.
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out