Based on an adjusted Wyckoff Distribution schematic and a simple Supply ad Demand overview, the observation that the GBPUSD has reached a temporary climax can be considered.
We've recently seen a correction to the main impulse made on the 15th of June, mitigating any form of imbalance. This balances out the forces of supply & demand, of which, now the declining...
The recent correction seems to have dived a bit too close to short-term support. This raises the question, were institutions building liquidity to continue bullish momentum, or are we seeing signs of diminishing demand?
The answer will be determined by the ability of the price to break out of the trading range with enough volume to sustain a clear direction &...
1H Downtrend coming to an end?
- Double bottom around 1.20721
- Higher low and lower high show no distinct direction, this consolidation may suggest a reversal to continue the higher timeframe trend.
- 8 EMA seems to be beginning to cross above the 21 EMA suggesting a bullish market.
- On the 4H the uptrend was slowing down suggesting lower demand as traders...
Technical :
1. Breakout on 1H and 4h DOWNTREND, suggesting buyers are gaining control.
2. Previous bearish impulse has been mitigated, suggesting sellers are no longer in full control.
3. 3x structural higher lows.
Fundamental: Due to increased unemployment, higher than expected inflation, and low retail sales. The US dollar is not really enticing for investors....
Daily:
1. Overall predominantly bullish pressure,
However, no new structural formations have been
created towards the upside.
2. Repeated failure to break above the price
around 21.3092 suggests no added long
positions. Traders could be closing their
positions which are causing the current price
drop.
3. Price failure to break...
On the daily chart, we can see that as of late May, we've been on a moderate downtrend from around 156, heading towards the 149 area, however, since October we've seen buyers take back control, pushing the price up back to resistance in the 156/157 region. After just tapping into 158 we've experienced what looks like a healthy correction. What does this mean for...
