Market Overview: Last week, the pound experienced significant gains, driven by stronger than expected UK GDP reports. Despite strong CPI figures, the dollar generally weakened due to Trump's reciprocal tariffs wait.
Price Action:
Weekly Performance: Price bounced off the weekly iFVG to close higher, taking out previous weekly highs.
Imbalances: Multiple imbalances were left, most notably the daily FVG which aligns with the 4-hour and 1-hour buy-side imbalances.
Targets: Price is expected to fill these imbalances and move higher, targeting:
Last week's high at 1.2630
External range liquidity at 1.2665 and 1.2700
Monthly Outlook: The monthly candle is being pulled towards the imbalance at 1.2800.
Monday is a holiday no news will be waiting for trump speech on tuesday a, uk cpi y/y wednesday together with FOMC.
Conclusion: Overall, GBP/USD is set to continue its upward momentum, with key levels to watch being 1.2630, 1.2665, 1.2700, and 1.2800.
Trade closed: target reached
Wednesday made the low of the week which was filling an daily imbalance formed between thursday and monday and price reversed to the upside targeting buyside and ERL.
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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.