GBPUSD - 17 January 2022

Current Market Condition:
Market Structure (MS) & Order Flow (OF):
Daily: Bullish OF, price gives a daily BOS but yet to give a decent pullback. Price is now mitigating a significant daily supply and giving some decent reaction to it. It might be the initiation of the daily pullback.
4H: Bullish OF, price has reach a HTF supply, we get a minor 4H bearish CHoCH.
1H/15m: Bearish OF, price has formed a bearish OF and LH is confirmed once, price is now in the pullback stage of the 15m bearish leg, we may expect price to pullback to the EQ of the leg.

Momentum:
15m: We can see bearish momentum starting to kick in, the way price moving back up now is relatively corrective than the way it moved down.

Liquidity Condition:
In terms of LQ from the left, we can see there is a visible LQ formed during the 15m bearish leg. Price might just pullback and take out these LQ and continue lower, it's not necessary for price to go all the way back up to mitigates the 4H supply above.

Trade Idea: Long to Short
At the moment, we can see demand is having temporary control, we might see price continue higher until it done its job of sweeping the LQ or mitigates the major supply. If we see price come back down and the low hold again, we might get in some Long and target the LQ from the left. Then, we may catch some Short after the LQD, wait for confirmation such as demand to fail and supply starts taken back control and aim for 15m weak low.