GBPUSD dip to gap fill then bounce
Updated
GBPUSD will dip back down to fill in some PA and Volume gaps.With an anchored VWAP from September 13 NY session open with a big dump starting a long downtrend, PA is ranging between the standard deviations of the long term VWAP.
Above the current VWAP, it opened the week with a large gap up from last week's close, which it will go fill on its way back to the VWAP and on down to fill a volume gap seen in a (up/down) volume profile over the same period.
After running through the volume gap in a downtrend continuation, shorts reacted sharply twice with price returned to that zone.
After it broke up through the gap zone quickly, it returned once and longs sharply pulled it up.
I speculate a move back down to the VWAP-1stddev support and the volume gap before Sterling finally begins recovering from his bender before the morning after.
(Note: I do smell a little hopium odor from the shorters next door.)
Note
So much sideways during Asian session but signs that Sterling feels dumpy. Britannia may not dump him. We'll see what the Yanks pull out though!
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