GBPUSD Mid Term Directional Bias Following Consolidation
Updated
- Expection: After manipulating major area of retail support, I believe that GBPUSD will reverse and target the areas of Equal Highs that has been left behind on top. Only if the level of Equal Highs on top is reached I will then be looking for shorting opportunity.
Supply&Demand Perspective: Area of strong demand which the market hasn't mitigated before is now approached. This hints towards a reversal. Beware, there needs to be shift of direction from bearish to bullish in Lower time frames to validify the Demand Zone. If correct conditions for buys are justified on Lower time frame then I will enter. Fundemental Basis: Wednesday High impact GBP CPI news and USD FOMC Statement is going to provide gush of liquidity and major runs to the upside can be looked for. This is because USD fundamentals are dovish Long term. Optimistic GBP news as expectations are better for the CPI numbers also makes it likely to aid bullish run GBPUSD in the upcoming week or so.
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Note
USD FOMC meeting has some positive undertone which led to bearish GBPUSD. Prior to this I capitalised from the bullishness.
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