after a good run up from AUD strength after RBA became less dovish in their latest RBA minutes, there seem to be some weakness in the following pair once again
Price seem to be stuck in a range between a demand and supply zone.
A break of either of these zone is required in order to play potential longs or shorts ...
Having reacted to a previous turn/supply level indicated by the red rectangle, prices fell hard from the area last friday.
There might be an opportunity for another short in that area to take advantage of heavy supply as prices climb back into the zone.
On the daily time frame, GBPUSD found support approximately around 16645
To capitalize on a potential short term rebound, a small potential demand zone has formed, and hence, long with stop loss below the pinbar, TP below the flip zone (supply zone) in red.
While the GBPJPY have been showing bearishness since July and broke former support at 172.356 (Blue line),
a small demand zone has formed on the way back up at 171.50 indicated by the blue box.
the major supply zone coincides with the former support, now expected to be resistance in traditional S&R analysis.
Price broke down from a consolidation zone and closed as a complete bearish bar. Waiting for retrace into the zone which price fell heavily from to go short.
Potential Target TP above the blue rectangle, a demand zone.