GBP/USD Longs from 1.2700 back up to supply
I'm eyeing a long opportunity for GU at the 5-hour demand zone around 1.2700. The price has changed character to the upside, leaving a clean, unmitigated demand zone with a small imbalance above.
While price might dip into a supply zone or move up to mitigate the 22-hour supply zone for a potential sell-off, I’m more inclined to see it return to the demand level for a possible buy, targeting the Asia high and liquidity above.
Confluences for GU Buys:
- Price shifted to the upside, leaving a clean 5-hour demand zone.
- Imbalance above the demand zone that needs filling.
- Significant liquidity above, including the Asia high and trend line.
- Bearish pressure seems to be weakening.
P.S. If price breaks the demand zone, it will confirm a stronger bearish trend, and I’ll wait for a new supply zone to join the trend.
Have a great trading week, everyone!
While price might dip into a supply zone or move up to mitigate the 22-hour supply zone for a potential sell-off, I’m more inclined to see it return to the demand level for a possible buy, targeting the Asia high and liquidity above.
Confluences for GU Buys:
- Price shifted to the upside, leaving a clean 5-hour demand zone.
- Imbalance above the demand zone that needs filling.
- Significant liquidity above, including the Asia high and trend line.
- Bearish pressure seems to be weakening.
P.S. If price breaks the demand zone, it will confirm a stronger bearish trend, and I’ll wait for a new supply zone to join the trend.
Have a great trading week, everyone!
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