GBPUSD had a big sell of starting April 6th then found some ground around 1.3680.
That price is important because just below it there are potential smart money buy orders sitting at 1.3640.
If you zoom out you'll see that 1.3680 has formed equal lows, which implies a lot of traders and funds will see this as potential support. There are most likely pending orders sitting around it now.
We also have a double bottom that was confirmed this week on the H1 chart.
I'd like to see one more high made for this double bottom to entice more traders long, I will be looking to sell around 1.3820 where there are potential smart money sell orders.
The idea is that retail thinks long but smart money is actually selling all there long orders.
Definitely monitor if we approach 1.3820 because GBPUSD could very well shoot right up.
If we hit that price, divergence from the April5th high to the high at 1.3820 would give me enough confidence to observe price for a short entry.
Long-term target is 1.3640, but It would be best to scale out along the way.
Hope you enjoyed,
Let's Elevate, Gio
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Still looking for buy reaction until 1.3740 breaks. There could be smart money buy orders there
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Blue/Buy Zone Reaction. +75 pips, 25 pip drawdown. All longs closed