GBP update
Weekly Timeframe: Last week saw sterling strongly close above a weekly swap level seen at 1.5270. Assuming that the buyers can hold the market above this level, we then feel there’s a good chance that price will likely test the weekly supply area seen at 1.5784-1.5541.
Daily Timeframe: Yesterday saw selling interest come into the market around a daily swap level coming in at 1.5433. This level remains a key obstacle to a move towards a daily decision-point supply area coming in above at 1.5619-1.5548, which if one looks back to the weekly chart; you’ll notice that this area is nicely located just within the aforementioned weekly supply area.
4hr Timeframe: As we can all see, the GBP did indeed see a reaction from the combined (marked in green) round-number 1.5400 and 1.5433 daily swap area. As a result, this has pushed price down towards a small 4hr swap level seen at 1.5351, where at the time of writing, buying interest is currently being seen. Our team currently has no interest in buying the GBP here; we would much prefer to look for longs lower down around the combined (yellow zone) round number 1.5300 and 1.5270 weekly swap area. With that being said, if 1.5351 gives way today and price retests this barrier as resistance, we’d definitely consider taking advantage of this shorting opportunity as long as we have corresponding lower timeframe confirmation. Assuming we found a short here, we’d look to take full profits around 1.5300 (as per the green arrows), and switch to looking for buy trades as just mentioned above.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders are seen at: N/A).
Daily Timeframe: Yesterday saw selling interest come into the market around a daily swap level coming in at 1.5433. This level remains a key obstacle to a move towards a daily decision-point supply area coming in above at 1.5619-1.5548, which if one looks back to the weekly chart; you’ll notice that this area is nicely located just within the aforementioned weekly supply area.
4hr Timeframe: As we can all see, the GBP did indeed see a reaction from the combined (marked in green) round-number 1.5400 and 1.5433 daily swap area. As a result, this has pushed price down towards a small 4hr swap level seen at 1.5351, where at the time of writing, buying interest is currently being seen. Our team currently has no interest in buying the GBP here; we would much prefer to look for longs lower down around the combined (yellow zone) round number 1.5300 and 1.5270 weekly swap area. With that being said, if 1.5351 gives way today and price retests this barrier as resistance, we’d definitely consider taking advantage of this shorting opportunity as long as we have corresponding lower timeframe confirmation. Assuming we found a short here, we’d look to take full profits around 1.5300 (as per the green arrows), and switch to looking for buy trades as just mentioned above.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders are seen at: N/A).
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