Last Week's Record Surge: The British pound experienced a significant surge last week, driven by weak U.S. economic data and increased expectations of Federal Reserve rate cuts. The pound's strength was further supported by positive economic reports from the UK and the Eurozone.
The British pound has been performing well, mainly due to the weakness in the U.S. dollar and prevailing uncertainties. There's a weekly Bullish Institutional Sponsorship Index (BISI) at 1.3131, attracting price and liquidity at 1.3050, which suggests a continued bullish bias.
Key Levels to Watch:
Weekly BISI: 1.3131
Liquidity: 1.3050
On the daily chart, there's a BISI at 1.2865 and a daily inversion fair value gap (FVG) at 1.2850. Price is likely to fill these gaps before heading higher.
Key Daily Levels:
Daily BISI: 1.2865
Daily Inversion FVG: 1.2850
Additionally, on the 4-hour chart, there's liquidity at 1.2866 and a 1-hour BISI at the daily inversion FVG of 1.2850.
4-Hour and 1-Hour Chart Insights:
4-Hour Liquidity: 1.2866
1-Hour BISI: 1.2850 (Daily Inversion FVG)
Targets for the Week:
Target 1: 1.2945
Psychological Level: 1.3000
Target 2: 1.3050
DXY Confluence: The U.S. Dollar Index (DXY) is being attracted to the sell-side at 103.400.
Note: This week is packed with significant news events, including the CPI release, which could impact market movements.
The British pound has been performing well, mainly due to the weakness in the U.S. dollar and prevailing uncertainties. There's a weekly Bullish Institutional Sponsorship Index (BISI) at 1.3131, attracting price and liquidity at 1.3050, which suggests a continued bullish bias.
Key Levels to Watch:
Weekly BISI: 1.3131
Liquidity: 1.3050
On the daily chart, there's a BISI at 1.2865 and a daily inversion fair value gap (FVG) at 1.2850. Price is likely to fill these gaps before heading higher.
Key Daily Levels:
Daily BISI: 1.2865
Daily Inversion FVG: 1.2850
Additionally, on the 4-hour chart, there's liquidity at 1.2866 and a 1-hour BISI at the daily inversion FVG of 1.2850.
4-Hour and 1-Hour Chart Insights:
4-Hour Liquidity: 1.2866
1-Hour BISI: 1.2850 (Daily Inversion FVG)
Targets for the Week:
Target 1: 1.2945
Psychological Level: 1.3000
Target 2: 1.3050
DXY Confluence: The U.S. Dollar Index (DXY) is being attracted to the sell-side at 103.400.
Note: This week is packed with significant news events, including the CPI release, which could impact market movements.
Note
Market swept London liquidity now moving low from 5min inversion @1.29200 looking to target London low and liquidity @1.28660. Watch NY times.
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Related publications
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.