GBPUSD WEAKENS TO CONTINUE IN US SESSION?
Price took a bearish turn on an intraday basis with this market. Early European trading saw price sweeping yesterday's highs marginally before rotating lower.
A quick move in early London saw price briefly breaching the 1.2300 figure and making the day's low around 1.2290 level.
Several attempts lower failed and price turned back up.
There was room to make some healthy pips during the retracement of early London trading.
You can see the POC of the volume profile acted briefly as resistance on the leg up then supported price on the way down.
What will US session open bring? I am looking for price to make a high in time for US pre-open and then turn lower to continue the trend set in London. Will this happen? I'll be watching price and any trades above London's high will invalidate this idea, Potentially setting up a long trade if price comes down and finds support on volume profile POC.
A quick move in early London saw price briefly breaching the 1.2300 figure and making the day's low around 1.2290 level.
Several attempts lower failed and price turned back up.
There was room to make some healthy pips during the retracement of early London trading.
You can see the POC of the volume profile acted briefly as resistance on the leg up then supported price on the way down.
What will US session open bring? I am looking for price to make a high in time for US pre-open and then turn lower to continue the trend set in London. Will this happen? I'll be watching price and any trades above London's high will invalidate this idea, Potentially setting up a long trade if price comes down and finds support on volume profile POC.