GPBUSD’s downtrend mentioned last April 26 got broken after a weakened US Dollar.

As as result, my previous short trade plan has exited in a loss:

https://www.finlogix.com/analysis/20240426/gbpusd-intraday-analysis-and-trading-plan-for-april-26-2024

An updated 2 wins and 3 losses overall record.

Join me as I share a new analysis and trading plan for GBPUSD.

There is a major impact data release in the UK expected this afternoon while one for the US later this evening.

Re-assessing GBPUSD’s high timeframe candles:

Yearly Candle: Still a Red Spinning Top since last check

Monthly Candle: Previous close is a Red Long-Legged Spinning Top with a Longer Tail Wick current is a Green Long Upper Shadow with a Small Body

Weekly Candle: Previous close is a Green Long Upper Shadow current is a Red Long-Legged Spinning Top with a Small Body

Daily Candle: Previous close is a Green Hammer current is a Small Red Spinning Top

During the trading week, both demand and supply levels were hit creating a range.

These price movements can be seen through the current weekly candle’s long head and tail wicks.

The down trend formed last March has been broken after the 1.26 levels were hit as the weekly supply and got back-tested after the 1.24 levels were hit as the weekly demand.

From here, price went inside the December 8, 2023 order block and consolidated.

A pullback towards 1.25 or even 1.24 sub levels can be good repositioning of long positions for a next leg up move.

Long positions were favored versus my previous trade plan that had no choice but to respect its stop loss order.

By this, I change my instance to a buyer now that the US dollar has weakened after 5 straight negative data results since Friday last week.

I will set a long order through a potential pullback in the current order block’s lower territory:

The 1.25 level can act now as a flipped S/R area into a support from a previous resistance after the 1.26 is breached.

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 May 10, 2021

May 10 2024

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