The GBPUSD breached the 1.23081 low, which coincided with sell-side liquidity, making it an intermediate-term level for sellers' profit targets. A further drop below that level is possible towards the 1.21905 which coincides with a Daily Sell side Liquidity, on March 24, 2023. I would like to see sellers attack that near-term support in the near term before we experience new targets. Liquidity resting below that near-term support corresponds with a Fair Value Gap between 1.21672 and 1.21279 range.
However, if the market retreats above the 1.23081 level, bulls would be looking to attack the buy-side liquidity above the 1.2423 level. As we go into the close of the week, I will be closely monitoring how the DXY performs for any clues for short-term opportunities and likewise, pay close attention. There will be a release of UK Retail sales data early Friday morning which could influence GBPUSD performance in the near term.
However, if the market retreats above the 1.23081 level, bulls would be looking to attack the buy-side liquidity above the 1.2423 level. As we go into the close of the week, I will be closely monitoring how the DXY performs for any clues for short-term opportunities and likewise, pay close attention. There will be a release of UK Retail sales data early Friday morning which could influence GBPUSD performance in the near term.