GBPUSD Analysis (20th May 2024)

GBPUSD Analysis

On the 1 hour Timeframe, price has tapped into the 1 hour FVG and rejected very strongly and created a 15 minute Change of Charcter to the upside.

Currently Price has retested the 15 minute bullish OB at the 1.26865 - 1.26924 level.

There are 2 scenarios i am looking at.

1) IF price breaks through the Bullish OB with a body candle close below. If this happens i will be looking for price to do a break and retest to continue selling.

2) Price rejectes of the OB and creates a 15 minute CHOCH at the 1.27094. If we see that i want to see a retest of that key level or a retest of a bullish FVG or OB to continue longs.