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GBPUSD: Could continue moving higherPrice continues to show higher highs and could continue moving higher. Yesterday price broke the buy side liquidity (BSL 1H line) then pulled back down. It could continue moving down to take the sell side liquidity (SSL 1H line) and even the 79% Fib level (OTE level). Waiting for these levels to be broken and see if it will provide setup to get long. But since price already took the 1H bullish order block (BullOB 1H line with yellow arrow), it is also possible that price will reverse back up from here.
Long
by Paul_FRX
GBPUSD could move back up to bearish order blockGU has been ranging this week, breaking highs and lows. It could continue to range until it gives us a sign that it wants to break out of the range. Yesterday it moved aggressively to the upside taking multiple upper side levels then followed by an aggressive move to the downside, taking some bullish order blocks and sell side liquidity. It also left fair value gaps on its way down and likely to come back up to fill those up. In the encircled part, if we go down to 15m TF, there is also a relatively equal lows that were taken out and was followed by an aggressive move up, which adds as a confluence that price is likely to move back up
Long
by Paul_FRX
2
GBPUSD is currently ranging and is likely to reach for the lowGU has been ranging this week. Ranging between the 1.27900 & 1.26800 areas. Currently it is at the lower part of the range and it is likely to continue down to take the 1H bullish order block or even the 1H sell side liquidity area. Order blocks and liquidity levels acts as magnets, so it is likely for price to move towards these levels I am looking for possible setup to target those levels and then wait on how price will react at those levels.
Short
by Paul_FRX
GBPUSD could move up to take the 1.28000 levelMy bias on DXY is neutral and this is the same with my bias on GBPUSD on higher time frames. But looking on the 1H time frame it is more likely for it to move up because there are a lot of order blocks, buy side liquidity sitting above waiting to be taken (green lines above). There is also an equal high (yellow box). Prior price shows that it took multiple bullish order blocks and sell side liquidities and fib 61.8% level then pulled back up. It is likely to continue to move up to take levels sitting above. As I mentioned before, these levels acts like magnets that draws prices into them.
Long
by Paul_FRX
Why I analyze the direction of DXY.For a trader that trades GBPUSD like me, it is important to analyze the direction of TVC:DXY because TVC:DXY is negatively correlated with $GBPUSD. Knowing the direction of DXY is an additional confluence in trading $GBPUSD. Here is how I analyze TVC:DXY direction. Today's TVC:DXY direction analysis. - DXY is showing a downtrend move. - It took the sell side liquidity with equal low (SSL D TAKEN line) then moved up. On its way up, - it filled fair value gaps (purple shades). 1 fair value gap is not yet fully filled - it took the 78.6% Fib level, which is the deepest optimal trade entry (OTE) LONG bias: it is possible for DXY to continue moving up because there is a daily bearish order block just above (BearOB D line) SHORT bias: it is also possible that TVC:DXY could reverse back down from here because it is showing signs of rejection of the 78.6% Fib level. For this reasons, my bias for TVC:DXY is NEUTRAL. Now it's time to analyze FX:GBPUSD
TVC:DXYEducation
by Paul_FRX
2
2023.08.08 GU LTF could go to either directionSince HTF bias of GU is neutral, I will take a LONG or SHORT position depending on how price reacts at the 1.28000 area. If it touches that area and shows that it wants to reject that area by showing a displacement to the downside with fair value gaps, it is likely that it will continue down to take below sell side liquidity or bullish order block levels. Or, if it touches the 1.28000 area and does not show any evidence of rejection, it is likely to continue to move up to take above buy side liquidity or bearish order block levels
by Paul_FRX
GU: Daily TF. Possible reversal to Monthly Bearish OB?This week price continued to move down as expected, taking some sell side liquidities (SSLs) and bullish order blocks (Bullish OBs) which acts as magnet of price. The Daily bullish order block was already taken so price could reverse back up to the Monthly bearish order block. But since there is still a Daily sell side liquidity and the whole number 1.26000 below, price could still take these levels before moving up to the Monthly bearish order block It is also possible for price to break thru the 1.26000 level and continue moving down up to 1.23000 level (the next sell side liquidity). Currently waiting for more clues
by Paul_FRX