Since I have an over a month pending GBPUSD analysis, I’ve decided to update a new one as a start today:

https://www.finlogix.com/analysis/20240216/gbpusd-intraday-analysis-and-trading-plan-for-february-16-2024

This long trade plan seems need more time to be hit. Otherwise, I like to give a fresh insights for the Forex pair.

There is no British major economic reports this week as the markets are preparing for a long Easter weekend.

The markets are quiet, also in choppy trading ranges this week and are waiting for catalysts. We are waiting for big movements till then we observe duly.

Re-assessing GBPUSD’s high timeframe candles:

Yearly Candle: Last check is a Small Red Body now a Red Spinning Top with a Slightly Longer Head Wick

Monthly Candle: Previous close is a Red Spinning Top current is a Red Gravestone Doji

Weekly Candle: Previous close is a Red Candle with a Longer Head Wick current is an Green Inverted Hammer

Daily Candle: Previous close is a Red Long Upper Shadow current is a Red Body

I think the GBPUSD is struggling to overcome last year’s July highs.

Assuming the US dollar remains stronger fundamentally and macroeconomically against the Pound, then the GBPUSD just had its 2024 yearly high this month.

Last Thursday is a big red candle close, it’s a strong hint for a change in direction short term.

Current price structures look like GBPUSD is seeking liquidity under the lows of February.

Price is ready to challenge the discount arrays formed from July 2023 peak to October 2023 bottom.

For now, I’m focusing for buy setups only to the upside whether or not a fall comes first.

If there’s a coming drop towards 1.25 levels aligning the sell side liquidity under the February lows, then much better because my first pending analysis last February 16 can be activated.

There’s a clear down trend for now, we can see a death cross on the 4H chart but there will be willing buyers soon in 1.24-1.25 range.

Actually we can short current levels but to be safe, I’m just waiting for a breakdown from last week’s support first for further sell off then I will enter this second trade plan.

4H death cross in the making and I just want to buy the recent longs’ stop loss orders.

I will wait again for this call to be executed. I’m comfortable and patient yet again for GBPUSD.

GBPUSD Intraday Analysis and Trading Plan For March 27, 2024

Mar 27 2024

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