GBPUSD broke structure on the daily, however, we have had no retracement since the bearish impulse began. I started identifying this expanding diagonal since Monday, and price has been consistent with the expansion. Mid-week trading on Wednesday usually sees a reversal of momentum for the rest of the week. Instead, I can see Price has completed the reversal pattern.
For as long as this setup holds, my current expectations for the rest of the week is GBPUSD bullish. I would be targeting 1.23630 for about 300pips.
As always trade cautiously.
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Current positions
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Current positions: I am anticipating a pullback into LDN Session. The 50% discount is at a major daily support, so that zone is more attractive.
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We formed supply, therefore it is not unexpected, Price action might take out the liquidity of the asian low, before climbing further.
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Very good! we broke the asian high. Means the asian low should hold. I would be expecting a retest at POI.
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The retest is almost over. I would be buying immediately.
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I took profit at the 78.6, however, my entry is still at the POI.
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The key to a good buy position is the 15mins BOS.
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i also have an entry at BOS on 5mins
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Price has broken the 1h low, currently, the buy setup is invalid. I would be looking for sell setups now.
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Price did not confirm supply. I would keep watching. If a buy setup presents itself, I would take it.