Back to all Ideas

GBPUSD Ideas for next month/2 weeks

by Christopher B, March 27, 2021

GBP/USD H1 Supply and Demand

by Christopher Briggs March 27, 2021

Share

GBP/USD

|

Any

|

H1

Timeframe:

H1

Analysis Method:

Supply and Demand

Analysis:

I was caught unprepared for Thursdays move long and hadn’t seen the demand zone on the daily. Now that demand has been hit for the first time, I would expect that we would soon punch through it. Below, there are 2 key demand zones from the BOE’s rates decision on 4th Feb at approx 1.364 and the base at 1.358. There are also untested demand levels below this.

A Swap zone was created when we finally moved below 1.38 demand levels from 12th Feb and 5-8th March. I think this may have been absorbed during the down move on 23rd March (price dropped to 1.375 at 11am, back to 1.38 at 13:30 and down again) so sellers at the end of Friday may get caught out.

Lastly, a compression area was created in Thursday/Friday’s move up as demand was used up so any down move should hopefully wipe that area out quickly down to the demand zones mentioned above.

Therefore, I’m looking for sell orders at supply zones 1.3835 and then 1.392 area if that doesn’t work out which may produce nice long sells if the above holds true. Also prepared for this to be all wrong given how last week went for me!

Keen to hear thoughts of other traders and feedback. GL all

Trade Plan:

multiple small positions at supply zones with intention to close some to BE.

Risk Management:

stops above supply zones at 1.388 and 1.94

Things To Watch For:

Demand could be all along the candle of the 4th or non existent until the bottom

LEAVE YOUR COMMENT HERE:

View previous comment

  1. The pair is done going upside. Now the probability is that it will fall in NY session. However, imp is that price should stay below the high of last week and 100-hour sma.

DISCLAIMER

The trading ideas, analysis, and comments above should not be considered financial advice or recommendation to trade or invest in any financial product. Your personal situation has not been taken into consideration in the trade ideas. This page is for general educational purposes only. Do not buy or sell any product discusses on this page before doing your own research. Always do your own analysis and research and be aware of the risks involved in trading any financial product.

WE FUND FOREX TRADERS!

The5%ers let you trade the company’s capital, You get to take 50% of the profit, we cover the losses. Get your trading evaluated and become a Forex funded account trader.

Get Your Forex Funded Trading Account
the5%ers

FREE
VIEW