GBPUSD - Long
Looking at GBPUSD this week we have a couple of different scenarios, at this present moment in time we are looking bullish overall, however there is still a possibility of a bearish continuation if the monthly level does not hold. We had a heavy bearish week last week for the pound, which created a liquidity void in the market (which means we may get upside movement to fill this void), towards the end of the week we had a strong rejection from the monthly demand zone , with a bullish D1 close last week (Friday 2nd August Close). This bullish D1 close is our first confirmation of a change in trend, we must pay attention to the H1 & H4 price action this week for further rejections from the monthly level. Currently the bearish D1 trend remains intact, and a retracement is highly likely from the monthly supply level marked at 1.23450 – this level also lines up nicely with a 61.8% Fib Retracement, so we may also look for sells from this level.
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.