08062023 - #GBPUSD

8 มิ.ย. 2023

I was wrong with the direction yesterday, I said we would break down but instead it went up, while closing near the mid point. Price now supported by PZ; from current looks, it seemed to be supported and 1.2470 or so will be a magnet.

Price action wise, market made higher lows and highs yesterday but direction is not so clear though bias is slightly to upside. IMO, DXY is strong but I expect some weakening (GBPUSD to up first) but DXY to rally later. Thus I plotted the possible path as a move to 1.2472 or so then a pullback to the BZ again. On downside, supports are at 1.2390, 1.2370 and 1.2340.

Possible trades: short 1.2476 stops at 1.2490 tight stop (hard stop at 1.2510) target 1.2410, or if 1.2436 breaks, short to target 1.2370, 1.2340, stops at 1.2460, R:R 2-4.

TBH, will prefer first scenario.