GBP\USD The Great British Pound will become great again
But a little later.
The chart is still bearish; I see no reason to explain the direction. It's just another opportunity to ride the wave. Yes, we have unfilled imbalances (Fair Value Gap) upstairs, which can be a magnet for the price, but they must remain untouchable until the price reaches the mark 1.97. Sure, if the pound does not want to die. Why? Cuz price delivery must have a reason. A filled imbalance from above will mean that the price has no reason to go higher in the near future. Is it possible? Yes. But!
We have a synchronized bearish trend (Monnth>Week>Day>4h) and a powerful imbalance magnet down below. In case we close even the daily candle above 1.264 this will mark the start of a bullish cycle. But bullish cycle from where? Partial liquidity grab from low of May 2020? Looks like a trap for fake optimism. The true purpose is to fill the imbalance below. What will happen after that? I'll tell you if the bull trend starts.
Conservative trade - stop above daily sponsored candle 1.264
Aggressive trade - stop above "buy to sell move" 1.258
I am a day trader and will look for entry into a position intraday on lower timeframes, but you can search for shorts inside the zones that I marked on the charts.
Friendly reminder. Respect the risks and try to enjoy the process. Good luck folks <3
The chart is still bearish; I see no reason to explain the direction. It's just another opportunity to ride the wave. Yes, we have unfilled imbalances (Fair Value Gap) upstairs, which can be a magnet for the price, but they must remain untouchable until the price reaches the mark 1.97. Sure, if the pound does not want to die. Why? Cuz price delivery must have a reason. A filled imbalance from above will mean that the price has no reason to go higher in the near future. Is it possible? Yes. But!
We have a synchronized bearish trend (Monnth>Week>Day>4h) and a powerful imbalance magnet down below. In case we close even the daily candle above 1.264 this will mark the start of a bullish cycle. But bullish cycle from where? Partial liquidity grab from low of May 2020? Looks like a trap for fake optimism. The true purpose is to fill the imbalance below. What will happen after that? I'll tell you if the bull trend starts.
Conservative trade - stop above daily sponsored candle 1.264
Aggressive trade - stop above "buy to sell move" 1.258
I am a day trader and will look for entry into a position intraday on lower timeframes, but you can search for shorts inside the zones that I marked on the charts.
Friendly reminder. Respect the risks and try to enjoy the process. Good luck folks <3