GBPUSD Analysis (12th April 2024)

Market Analysis PT1/2 (12th April 2024)

GBPUSD Analysis

On the Weekly timeframe, price action yesterday took out the weekly low and retraced extremely hard. This shows that the weekly low that broke was more of a liquidity sweep, not a proper break of the low.

On the 1 hour timeframe, i would like to see the 1 hour Fair Value Gap get tested. Once tested there are 2 scenarios that could play out.

1) Price rejects of the FVG, and creates a bearish Change of Character. This would created bearish confirmation for me to continue going short on this pair.

2) price breaks past the FVG with a body candle close above the FVG. In this scenario, i will be waiting to see how the candle playout to capitalise on longs to potentially play the pullback, retracing the move from CPI.