ICmarkets

GBP/USD Weekly technical outlook and review.

FX:GBPUSD   British Pound/U.S. Dollar
33 0 1
Weekly TF.

The weekly timeframe shows price is still trading deep within a major weekly supply area at 1.76297-1.67702. The sellers have begun to show a little interest, however nothing that should cause any excitement. At the time of writing the bulls are still well and truly in control, where could they be heading to? Let’s take a look on the lower timeframes

Daily TF.

Here we can see the sellers’ interest in more detail, not exactly convincing right? A beautiful-looking daily supply area (1.76297-1.73024) is seen deep within the aforementioned weekly supply area, could this be where the buyers are heading to, as to the left there is very little in the way of supply stopping it?

4hr TF.

We still expect higher prices on this timeframe; even though it sounds crazy considering we are deep within weekly supply (see above).
Considering the higher timeframes for a moment, pro money always wants the best prices. The daily supply area is possibly the best price within the weekly supply area (see above), hence pro money will likely still push prices higher but not without collecting the much-needed liquidity first!
Price is currently trading around a weak-looking round number 1.71000 due to this area seeing a few touches no doubt consuming the majority of the buyers originally trading there. So, where would be the next area pro money would look to bring price down to? The S/R flip area at 1.70617-1.70459 would be our guess, if they do bring price down this far, they will not only stop out the remaining buyers around the round number 1.71000 (collecting sell orders from their stops) , they will also entice millions upon millions of breakout sellers’ to join in also, which pro money will gladly accept and buy into as price trades down to around the aforementioned 4hr S/R flip area.

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above demand (1.70617-1.70459) at 1.70662. A reaction north is likely to be seen here as there is no doubt unfilled buy orders left around this area when pro money made the ‘decision’ to push higher. However deep spikes can occur around flip areas (levels above) such as these, hence the need to wait for confirmation.

• No pending sell orders (Green line) are seen in the current market environment.
• P.A confirmation sell orders (Red line) are seen just below the round number 1.72000 at 1.71943. We have placed a P.A confirmation sell order here simply because these psychological levels are prone to deep tests/spikes, so sometimes it is better to wait for that all important confirmation.

• Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: 1.70662 (likely to be set at 1.70423 TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: 1.71943 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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