This is my analysis on the pound dollar.
GBPUSD has been steadily gaining bullish momentum in the past one week and this was confirmed by the weekly close which clocked in at 1.2462 , closing above the 13 EMA, indicating a shift in price momentum. Pulling the ICT Fibbonaci from the low of the year to the high of the year, price has been trading below the 50% level, in the discount area of the yearly range. Price sharply rejected the 0.79% and 0.705% fib levels with high momentum indicating it's willingness to seek premium prices. Also considering candlestick price action, last week's candle closed as a bullish Engulfing candle which is a strong reversal or continuation signal. Lastly, looking at the TDI oscillator, there's a strong bullish hidden divergence between the RSI line (green) and price. The RSI line crossed above the MA signal line ( red ) which is a strong bullish entry signal.
I'll be aiming to get a long entry position at the low of next week, below 1.2450. My First Target would be 1.3000 inside that Bearish Order Block while my Second Target would be 1.3150 aiming for that external Buyside Liquidity.
GBPUSD has been steadily gaining bullish momentum in the past one week and this was confirmed by the weekly close which clocked in at 1.2462 , closing above the 13 EMA, indicating a shift in price momentum. Pulling the ICT Fibbonaci from the low of the year to the high of the year, price has been trading below the 50% level, in the discount area of the yearly range. Price sharply rejected the 0.79% and 0.705% fib levels with high momentum indicating it's willingness to seek premium prices. Also considering candlestick price action, last week's candle closed as a bullish Engulfing candle which is a strong reversal or continuation signal. Lastly, looking at the TDI oscillator, there's a strong bullish hidden divergence between the RSI line (green) and price. The RSI line crossed above the MA signal line ( red ) which is a strong bullish entry signal.
I'll be aiming to get a long entry position at the low of next week, below 1.2450. My First Target would be 1.3000 inside that Bearish Order Block while my Second Target would be 1.3150 aiming for that external Buyside Liquidity.
