Key Chart Components Explained
1. Bearish Order Block (OB)
• Marked twice on the chart: one at the top near 1.31474 and another mid-trend.
• These areas represent zones where institutional selling might have taken place.
• Price dropped sharply from the first OB, confirming its effectiveness as resistance.
2. Blue Arrows & Trendlines
• Indicate past trend movements:
• First blue arrow shows a strong bullish move breaking resistance.
• Second and third blue arrows represent a steep bearish move indicating sell-off after the OB rejection.
• Downward black trendline marks the bearish move which is recently broken to the upside, signaling a potential reversal or retracement.
3. Current Price Action (as of April 8)
• Price is around 1.27976 and has broken above the descending trendline.
• There’s a bullish arrow suggesting potential for upward movement, possibly targeting:
• 1.29023
• 1.30049
• 1.30501
4. Support and Resistance Levels
• Clearly marked horizontal lines:
• Support: around 1.27057 (bottom red zone)
• Resistance: 1.29023, 1.30049, 1.30501, 1.31474
• These act as potential price targets or obstacles depending on direction.
5. Volume/Order Flow Zone
• The blue shaded area (left part) likely shows a liquidity or accumulation zone before the breakout.
6. Economic Calendar Icons
• Marked under April 10–13, indicating high-impact news related to the USD and GBP. This is important as it may cause high volatility.
1. Bearish Order Block (OB)
• Marked twice on the chart: one at the top near 1.31474 and another mid-trend.
• These areas represent zones where institutional selling might have taken place.
• Price dropped sharply from the first OB, confirming its effectiveness as resistance.
2. Blue Arrows & Trendlines
• Indicate past trend movements:
• First blue arrow shows a strong bullish move breaking resistance.
• Second and third blue arrows represent a steep bearish move indicating sell-off after the OB rejection.
• Downward black trendline marks the bearish move which is recently broken to the upside, signaling a potential reversal or retracement.
3. Current Price Action (as of April 8)
• Price is around 1.27976 and has broken above the descending trendline.
• There’s a bullish arrow suggesting potential for upward movement, possibly targeting:
• 1.29023
• 1.30049
• 1.30501
4. Support and Resistance Levels
• Clearly marked horizontal lines:
• Support: around 1.27057 (bottom red zone)
• Resistance: 1.29023, 1.30049, 1.30501, 1.31474
• These act as potential price targets or obstacles depending on direction.
5. Volume/Order Flow Zone
• The blue shaded area (left part) likely shows a liquidity or accumulation zone before the breakout.
6. Economic Calendar Icons
• Marked under April 10–13, indicating high-impact news related to the USD and GBP. This is important as it may cause high volatility.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.