Close eye on GBJPY today as the UK are set to announce a new Prime Minister.
From a technical perspective on the HTF price is overbought and started to make a monthly corrective move - on the LTF we can see price on the 4H consolidating in this bearish pennant formation - there is an area of liquidity imbalance at the low of the pennant which is a nice area to target as the market will get magnetised into this zone. On the right on the 15M TF since breaking structure to the downside price has made a retracement and is currently retesting Fridays Asia session low, monitoring for potential short entries
From a technical perspective on the HTF price is overbought and started to make a monthly corrective move - on the LTF we can see price on the 4H consolidating in this bearish pennant formation - there is an area of liquidity imbalance at the low of the pennant which is a nice area to target as the market will get magnetised into this zone. On the right on the 15M TF since breaking structure to the downside price has made a retracement and is currently retesting Fridays Asia session low, monitoring for potential short entries
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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.