GBP/USD Longs from1.32000 back up
This week's analysis for GBP/USD (GU) focuses on a potential retracement back to the 6-hour demand zone I've identified. Currently, the price is at one of my points of interest (POI) from last week, and we're already seeing signs of rejection. This suggests that the price may start moving downward from its current level. We’ll wait for mitigation at the demand zone before considering long positions again.
However, if the price breaks through the supply zone and continues upward, there's an unmitigated weekly supply zone that could trigger a reversal. We'll have to monitor this, but for now, I’m aligned with the current bullish trend and hope to see a retracement, providing an optimal entry for buys.
Key confluences for a potential GU buy:
- The price has broken significant structure to the upside, indicating a desire to continue upward.
- There’s a clean, unmitigated 6-hour demand zone, my main point of interest for potential long opportunities.
- This analysis is in line with the prevailing bullish trend we're observing.
- The dollar is showing bearish tendencies, which further supports a bullish outlook for GU.
P.S. If the price suddenly drops and breaks through the demand zone, we can expect a major reaction at that level.
However, if the price breaks through the supply zone and continues upward, there's an unmitigated weekly supply zone that could trigger a reversal. We'll have to monitor this, but for now, I’m aligned with the current bullish trend and hope to see a retracement, providing an optimal entry for buys.
Key confluences for a potential GU buy:
- The price has broken significant structure to the upside, indicating a desire to continue upward.
- There’s a clean, unmitigated 6-hour demand zone, my main point of interest for potential long opportunities.
- This analysis is in line with the prevailing bullish trend we're observing.
- The dollar is showing bearish tendencies, which further supports a bullish outlook for GU.
P.S. If the price suddenly drops and breaks through the demand zone, we can expect a major reaction at that level.
כתב ויתור
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