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On the 12-month chart, the price shows an impulsive bearish move that took 6 years to complete. In tandem with price action, the bullish correction that is currently active has taken 14 years. The price has yet to contact a fresh long-term supply, sitting at 1.544.
The structure is still the same on the monthly and weekly charts. Price is seeking to contact a short-term fresh supply at 1.44.
Once this region is contacted, we are likely to see a bearish order flow setting inGBPUSD 4 HOUR CHART – Hot, Hot, Hot
GBPUSD getting a lift after hotter increase in wages in the monthly jobs report dampened expectations of a rate cut at Thursday’s BOE meeting.
To make this more than a retracement, 1.2788 would nheed to be taken out.
Watch GBP crosses, most notably a weaker EURGBP, as they are helping to give GBPUSD a bid.
Using my platform as a heatmap, what should catch your eye is the dollar trading firmer (after initially slipping) vs. all but USDJPY. This tells you the unwinding/selling of JPY crosses have taken a pause or are over.
‘This comes in a pre-holiday week market likely on hold waiting for the FOMC (and BoJ, BOE) decision where firmer US bond yields suggest expectations of a hawkish rate cut.
Next focus: US retail sales at 13:30 GMT
EURUSD 4 HOUR CHART – 7 DAYS IN A ROW
Having failed to test 1.0539 (high 1.0534), EURUSD has extended its trade around 1.05 to 6 days in a now.’
The longer this pattern goes on the greater the risk of a directional move once it is broken.
Supports are at 1.0474 and 1.0453 but 1,0450 may be most important in keeping the focus on 1.05 and away from 1.,0425 and below.
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