08062023 - #GBPUSD
I was wrong with the direction yesterday, I said we would break down but instead it went up, while closing near the mid point. Price now supported by PZ; from current looks, it seemed to be supported and 1.2470 or so will be a magnet.
Price action wise, market made higher lows and highs yesterday but direction is not so clear though bias is slightly to upside. IMO, DXY is strong but I expect some weakening (GBPUSD to up first) but DXY to rally later. Thus I plotted the possible path as a move to 1.2472 or so then a pullback to the BZ again. On downside, supports are at 1.2390, 1.2370 and 1.2340.
Possible trades: short 1.2476 stops at 1.2490 tight stop (hard stop at 1.2510) target 1.2410, or if 1.2436 breaks, short to target 1.2370, 1.2340, stops at 1.2460, R:R 2-4.
TBH, will prefer first scenario.
Price action wise, market made higher lows and highs yesterday but direction is not so clear though bias is slightly to upside. IMO, DXY is strong but I expect some weakening (GBPUSD to up first) but DXY to rally later. Thus I plotted the possible path as a move to 1.2472 or so then a pullback to the BZ again. On downside, supports are at 1.2390, 1.2370 and 1.2340.
Possible trades: short 1.2476 stops at 1.2490 tight stop (hard stop at 1.2510) target 1.2410, or if 1.2436 breaks, short to target 1.2370, 1.2340, stops at 1.2460, R:R 2-4.
TBH, will prefer first scenario.
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