GBPUSD possible downside movesAs shown in our Australian to U.S. dollar markup, we were in a pretty similar situation with the British pound to the US dollar.
The only big difference with this pair is that we haven't broken any significant structures to the downside yet.
I'd like to see the structure broken to the downside or liquidity to be taken from above before a new structural low is made.
my overall bias is bearish for this pair but seeing the heavy amount of liquidity sitting above with equal highs on the four hour time frame and daily time frame, leads me to believe there could be some more upside potential for this. As well as no confirmation is given to the downside yet due to no break of structure, we have to keep an open mind for this pair.
Overall I would like to see short movements and we will be monitoring the smaller timeframes for possible entries lower, but at the same time, we won't be making any rash decisions and getting caught in any traps.
As mentioned in our AUD markup, we have the CPI coming this week. So we may see some significant shifts whether it be to the upside or the downside.
