GBPUSD 17/08/2022
PRICE ACTION AND LIQUIDITY ANALISYS:
Gbpusd is trading in a range market in h1 chart, in the broader picture price may have bottomed in July because in weekly chart we notice that the price is in a really strong demand area.
In h1 there is an imbalance that has not been filled yet, now the price is trading above a small support (useful for intraday trading) and now could go up towards the imbalance first and above the supply area in a second time or coudl drop below the demand area to grab liquidity before pushing up.
The best thing to do is waiting the FOMC minutes this evening and placing a buy stop order and a buy limit order, in this case in both scenarios we will enter the market with a good setup and a good risk to reward ratio
PRICE ACTION AND LIQUIDITY ANALISYS:
Gbpusd is trading in a range market in h1 chart, in the broader picture price may have bottomed in July because in weekly chart we notice that the price is in a really strong demand area.
In h1 there is an imbalance that has not been filled yet, now the price is trading above a small support (useful for intraday trading) and now could go up towards the imbalance first and above the supply area in a second time or coudl drop below the demand area to grab liquidity before pushing up.
The best thing to do is waiting the FOMC minutes this evening and placing a buy stop order and a buy limit order, in this case in both scenarios we will enter the market with a good setup and a good risk to reward ratio