GBPUSD is currently moving lower as supply continues to control the market. For now, sellers still have the advantage, but the overall structure is approaching an important reversal zone.
The current supply move looks close to completion. Once sellers finish their move, the market may become ready to shift back toward the upside.
My main focus is the marked reversal zone. If price reaches this area and forms any bullish CCP or a strong positive confirmation candle, buyers could step in and start a fresh upward move.
At the moment, there is nothing to confirm the reversal yet. I only want to see how the market reacts inside the zone before considering any bullish setup.
The overall structure is very clean and simple. Now it's just a matter of waiting for confirmation instead of predicting the move early.
Let's see how the market reacts.
The current supply move looks close to completion. Once sellers finish their move, the market may become ready to shift back toward the upside.
My main focus is the marked reversal zone. If price reaches this area and forms any bullish CCP or a strong positive confirmation candle, buyers could step in and start a fresh upward move.
At the moment, there is nothing to confirm the reversal yet. I only want to see how the market reacts inside the zone before considering any bullish setup.
The overall structure is very clean and simple. Now it's just a matter of waiting for confirmation instead of predicting the move early.
Let's see how the market reacts.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.