GBPUSD WEEKLY OUTLOOK-REVERSAL
Updated
The month of march we have seen a bearish GBP making new lows.
Using the weekly dealing range, i am 1.3000 price to offer rejection level. 1.3000 is key level, it's also a 79% fib retracement level(weekly timeframe) and also 1.3000 is an area of price rebalance(Fair Value Gap).
There is high possibility price will stab through 1.300 taking out all buy orders(retail), and close the week above 1.3000 price level.
Using price power 3 formation, price is seeking to create the low of the month, and thereafter expand high
Market sentiment is 80% overbought.
I am expecting a reversal during this week, from a bearish profile to a bullish market profile.
#TJFX
Using the weekly dealing range, i am 1.3000 price to offer rejection level. 1.3000 is key level, it's also a 79% fib retracement level(weekly timeframe) and also 1.3000 is an area of price rebalance(Fair Value Gap).
There is high possibility price will stab through 1.300 taking out all buy orders(retail), and close the week above 1.3000 price level.
Using price power 3 formation, price is seeking to create the low of the month, and thereafter expand high
Market sentiment is 80% overbought.
I am expecting a reversal during this week, from a bearish profile to a bullish market profile.
#TJFX
Note
There is a shift in sentiment. More retail traders are getting more short orders, confirming a high probability of a reversal.I am anticipating a raid of stops below the low, price to seek liquidity below 1.3000 then reverse.
Maybe FOMC will be used for manipulation.
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.