Short term price rally up into areas of interest. GBP/USD
Updated
So at the start of the week we formed a gap, and now price has covered the gap. We saw some hard selling off towards the end of last week, where very little buying was done. This means there is an imbalance of price. This does not mean that price will run to close this unbalanced price action, rather it only serves as a pointer to the overall underlying bearish tone. Ideally, I'd hope to see price take out those equal lows formed today, then go up into these areas of selling. This, I believe, would lead to the formation of a premium in a higher timeframe, which would lead to a selloff.
Note
Price action has reacted well to the drawn level, however, only on a short term basis. Waiting for NY session to confirm set bias. Note, there are equal highs formed before NY, so those might be raided.
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