Yesterday's British Pound/US Dollar analysis was done from a Weekly perspective for the... somewhat overall direction. Today we're diving in from a Intraday view from the H1. Be sure to go check out my Weekly GBPUSD analysis too!
The purple horizontals represent a huge Order Block that was breached (broken on certain time frames) so what I'll be looking for in this scenario is a rise in price. However, that's only a setup for a short opportunity so anything moving up right now could be extremely risky to your capital.
What would I do?!
Long - I would wait for a break of the diagonal resistance to execute at the $1.1700 with Take Profit set for the old Distal @ $1.1904.
Short - If the continuation zone ($1.2046 - $1.2129) is "respected" then I would execute at the $1.2046 with Take Profit set for $1.1529. I would also have a stop set at the old Distal for a conservative entry.
Other than that I would patiently wait for Price Action to leave more clues to discover. We shall see.
*NOT FINANCIAL ADVICE*
The purple horizontals represent a huge Order Block that was breached (broken on certain time frames) so what I'll be looking for in this scenario is a rise in price. However, that's only a setup for a short opportunity so anything moving up right now could be extremely risky to your capital.
What would I do?!
Long - I would wait for a break of the diagonal resistance to execute at the $1.1700 with Take Profit set for the old Distal @ $1.1904.
Short - If the continuation zone ($1.2046 - $1.2129) is "respected" then I would execute at the $1.2046 with Take Profit set for $1.1529. I would also have a stop set at the old Distal for a conservative entry.
Other than that I would patiently wait for Price Action to leave more clues to discover. We shall see.
*NOT FINANCIAL ADVICE*