GBPUSD is showing a clearer picture compared to earlier, which piques my interest in engaging in pro-trend trades to sustain the upward bullish momentum. Currently, the price is in proximity to a favourable demand zone on the 3-hour chart, and I expect a bullish reaction to occur, aiming to surpass the equal lows above.
My target lies close to my identified supply level, where I anticipate the price to decelerate after sweeping through liquidity, leading to an accumulation phase and engagement with the supply zone. Subsequently, I'll be on the lookout for sell opportunities to capture a potential bearish reaction back down.
Confluences for GBPUSD buys are as follows:
- Current trend is temporarily bullish with continuous break of structures to the upside.
- Lots of liquidity lying above in the form of equal highs and untouched Asia highs.
- Supply Zone 3hr has swept liquidity and caused a short impulsive move up.
- Price is slowing down and starting to create Wyckoff Accumulation on lower timeframe.
P.S. In an ideal scenario, since this is a pro-trend trade, we could aim for higher targets. However, given the overarching bearish trend on the higher time frame, it's crucial to be adaptable and secure profits at sensible levels. Additionally, the supply zone is strategically positioned, leading me to anticipate a more substantial bearish reaction.
My target lies close to my identified supply level, where I anticipate the price to decelerate after sweeping through liquidity, leading to an accumulation phase and engagement with the supply zone. Subsequently, I'll be on the lookout for sell opportunities to capture a potential bearish reaction back down.
Confluences for GBPUSD buys are as follows:
- Current trend is temporarily bullish with continuous break of structures to the upside.
- Lots of liquidity lying above in the form of equal highs and untouched Asia highs.
- Supply Zone 3hr has swept liquidity and caused a short impulsive move up.
- Price is slowing down and starting to create Wyckoff Accumulation on lower timeframe.
P.S. In an ideal scenario, since this is a pro-trend trade, we could aim for higher targets. However, given the overarching bearish trend on the higher time frame, it's crucial to be adaptable and secure profits at sensible levels. Additionally, the supply zone is strategically positioned, leading me to anticipate a more substantial bearish reaction.