GBPUSD Local S/R| Impulse Sell| Liquidity Block| Volume Climax
Evening traders,
Today’s analysis – GBPUSD- reclaim of Local S/R after an impulse sell, showing strength in the immediate short term.
Points to consider,
- Price Action Impulse
- Local S/R Support (.382 Fibonacci)
- Liquidity Block Respected
- Oscillators Neutral
- Volume Climax Evident
GBPUSD’s immediate price action is impulsive from its respected liquidity zone; this allows us to have an immediate bullish bias on the market.
Current Local S/R support is in confluence with the .382 Fibonacci, price is likely back test this level with respect, allowing for a long trade.
The immediate target is upper Local S/R resistance, breaking this level will be bullish , however a rejection is likely on first attempt.
Both oscillators are currently neutral, extending in overbought conditions will greatly increase the probability of a pull back.
The volume profile has a volume climax node marking a temporary top, following through in bull volume is required to sustain this price action.
Overall, in my opinion, GBPUSD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
Today’s analysis – GBPUSD- reclaim of Local S/R after an impulse sell, showing strength in the immediate short term.
Points to consider,
- Price Action Impulse
- Local S/R Support (.382 Fibonacci)
- Liquidity Block Respected
- Oscillators Neutral
- Volume Climax Evident
GBPUSD’s immediate price action is impulsive from its respected liquidity zone; this allows us to have an immediate bullish bias on the market.
Current Local S/R support is in confluence with the .382 Fibonacci, price is likely back test this level with respect, allowing for a long trade.
The immediate target is upper Local S/R resistance, breaking this level will be bullish , however a rejection is likely on first attempt.
Both oscillators are currently neutral, extending in overbought conditions will greatly increase the probability of a pull back.
The volume profile has a volume climax node marking a temporary top, following through in bull volume is required to sustain this price action.
Overall, in my opinion, GBPUSD is a valid long with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig