As I earlier indicated in my article this week, I am expecting an upward push from the Dollar as a reaction from the Demand zone I have marked out. The PPI release earlier moved prices a bit but lacked sufficient momentum to cause a significant break of structure - and thus, no change of trend.
GBP/USD: pound testing weekly support
2019-11-11 • Updated
Technical levels: support – 1.3240, 1.3200; resistance – 1.3340.
- Buy — 1.3240; SL — 1.3220; TP1 — 1.3340; TP2 — 1.3380.
Reason: bullish Ichimoku Cloud, but falling Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen with a horizontal lines; the market fell to support of weekly Cloud and may bounced to Tenkan-sen and Kijun-sen.
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For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
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