24082023 - #GBPUSD
Yesterday was a volatile day for GU. I said 1.2766 or so could be a turning point with EU 1.0880 (tradingview.com/chart/GBPUSD/cjc70p2b-23082023-GBPUSD/). That was much the top for GU (EU did not go as high) as market start to come down, and sold off even further after a re-test of OP, down to 1.2620 where a double support is, and market rallied on the news closing with a long wick. Time for DXY to turn?
If you look at the various currencies, I would say that GU does look slightly weaker (with the long wick yesterday, which indicate price might re-visit the wick) but if you look at AU and EU, price action does look more bullish for upside. And DXY did form an ugly bearish candle yesterday but it sold down the DBZ And WBZ. So the plan for today. DXY is at a key support and given that price is much overextended with the rally, I am looking for price to pull back first before possibly going higher. Actually GU formed a nice base above PZ but IMO look to go long at a better price, as indicated by the arrow. Will update again in the group.
If you look at the various currencies, I would say that GU does look slightly weaker (with the long wick yesterday, which indicate price might re-visit the wick) but if you look at AU and EU, price action does look more bullish for upside. And DXY did form an ugly bearish candle yesterday but it sold down the DBZ And WBZ. So the plan for today. DXY is at a key support and given that price is much overextended with the rally, I am looking for price to pull back first before possibly going higher. Actually GU formed a nice base above PZ but IMO look to go long at a better price, as indicated by the arrow. Will update again in the group.
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