GPBUSD’s confirmed downtrend has continued after sweeping multiple external swing lows since November 22.

Recent sell rallies have triggered both my newest and oldest trade plans:

https://www.finlogix.com/analysis/20240410/gbpusd-intraday-analysis-and-trading-plan-for-april-10-2024

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

The recent stops give me a 1 win and 2 losses overall record.

There are 5 British major economic releases this week with 1 remaining Retail Sales month-over-month data on Friday.

Better US data releases this week have proven a stronger Greenback against the British Pound.

Re-assessing GBPUSD’s high timeframe candles:

Yearly Candle: Last check is a Long-Legged Red Spinning Top now a Red Body with a Longer Head Wick

Monthly Candle: Last check is a Green Long Lower Shadow now a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick now a Green Spinning Top

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Body with a Longer Tail Wick

GBPUSD has further given up its April gains based on the updated yearly and monthly candles.

A strong rejection towards the 1.27 level last week has also limited GBPUSD pushing up intraweek.

The presence of a red body with a longer head wick alone across the mid to long term candles is not a good sign for an upside bias.

Needless to say, GBPUSD is saved by the bell from mad bears as it found solace from its nearby internal resistance and support levels.

The pair might continue trading in this choppy range to close the week but a failure to sustenance can lead to another drop that potentially targets November 2023 external lows and its bullish 4H FVG as well.

There are 2 recent bearish daily FVGs that helped in sending the GBPUSD lower which I’ve indicated in the 4H chart above.

For a sell opportunity, I need to observe if there’s a possible breakout from this choppy range that targets a clearing of the narrow daily FVG.

For a buy, it’s best to open a long position on the once confirmed November bullish FVG.

I will bet for the 2nd option with the following long entries:

If the November bullish FVG holds after sweeping liquidity below the November 17 swing lows, this creates a powerful order block that can catapult my 3 to 1 risk:reward long setup.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

GBPUSD Intraday Analysis and Trading Plan For April 18, 2024 1.24907

Apr 18 2024

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