During the UK session today we had a new low made, and a quick bullish momentum shift right after the low.
I believe the banks want to go long with GBPUSD. That "new low" was a trap move to lure trigger happy sellers into the market so they could buy against them without moving price too much.
I believe the banks also have a long position open at the red line. I am bearish on the GBPUSD overall but the banks should most likely have to close those buy positions out first. Otherwise they would lose money as the GU drops. I'm looking to buy up to the red line, and once fulfilled I will look for sells.
The yellow box is where many orders got trapped in the market and we are looking for price to hold above the box.
I believe the banks want to go long with GBPUSD. That "new low" was a trap move to lure trigger happy sellers into the market so they could buy against them without moving price too much.
I believe the banks also have a long position open at the red line. I am bearish on the GBPUSD overall but the banks should most likely have to close those buy positions out first. Otherwise they would lose money as the GU drops. I'm looking to buy up to the red line, and once fulfilled I will look for sells.
The yellow box is where many orders got trapped in the market and we are looking for price to hold above the box.
Note
If we are to make another high to hit the target. Today's Daily Candle should close above 1.3009
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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.