Hello folks, GBPUSD has cleared the BSL recently and left a ton of liquidity underneath. Price has acted bullish for some time with no meaningful correction. It looks like the current price action is mirroring the previous consolidation, fakeout, and an eventual bullish movement. Seasonally, the month of May is bullish for the dollar. I expect the price to at least clear out EQL sitting below.
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+1 confluence that the pound should act weaker than EUR, hence falling lower in terms of pipsTrade closed: target reached
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Price cleared out EQL mentioned earlier and tapped into the 4hr OB+FVG. There are 2 possible scenarios:
1. Price will react to the bearish OB and go lower targeting SSL, which is in line with the current order flow.
2. Price will pierce through that bearish OB, which would indicate a market structure shift and in that case, one should wait for a pullback to open a possible long position. Will update on Tuesday, since market will be closed on weekend and on Monday.
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Price reacted to the BISI and I expect it to drop to take out SSL
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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.