GBP/USD Longs from 1.2700 back up to supply
I'm eyeing a long opportunity for GU at the 5-hour demand zone around 1.2700. The price has changed character to the upside, leaving a clean, unmitigated demand zone with a small imbalance above.
While price might dip into a supply zone or move up to mitigate the 22-hour supply zone for a potential sell-off, I’m more inclined to see it return to the demand level for a possible buy, targeting the Asia high and liquidity above.
Confluences for GU Buys:
- Price shifted to the upside, leaving a clean 5-hour demand zone.
- Imbalance above the demand zone that needs filling.
- Significant liquidity above, including the Asia high and trend line.
- Bearish pressure seems to be weakening.
P.S. If price breaks the demand zone, it will confirm a stronger bearish trend, and I’ll wait for a new supply zone to join the trend.
Have a great trading week, everyone!
While price might dip into a supply zone or move up to mitigate the 22-hour supply zone for a potential sell-off, I’m more inclined to see it return to the demand level for a possible buy, targeting the Asia high and liquidity above.
Confluences for GU Buys:
- Price shifted to the upside, leaving a clean 5-hour demand zone.
- Imbalance above the demand zone that needs filling.
- Significant liquidity above, including the Asia high and trend line.
- Bearish pressure seems to be weakening.
P.S. If price breaks the demand zone, it will confirm a stronger bearish trend, and I’ll wait for a new supply zone to join the trend.
Have a great trading week, everyone!
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.