CAUGHT WITHIN SUPPLY & DEMAND for FX:GBPJPY by darcsherry — TradingView

Tendencies for the Pound to rise remain high as we experience price clamping between a respected Supply and Demand range (141.000/126.000). A 50% retracement climaxing into our Demand
zone on the 15th of May 2020 followed by a steady rise the following week zooms all clue to Buying possibilities in the weeks ahead of us.

Tendency: Uptrend ( Bullish )
Structure: Inverse H & S | Supply & Demand | Channel
Observation: i. Correction leg of the Impulsive XA started from our Demand zone in March, only to retrace at 50.0% into our Demand zone again in mid May 2020.

ii. It has been Bullish in the last couple of weeks as price completes what looks like a Head and Shoulder pattern.
iii . The anticipation of a Breakout off of our neckline @ 133.500 level is a signal that will confirm our bias tends to complete correction of Impulse XA.
Trading plan: BUY confirmation with minimum potential profit @ 500 pips.
Risk/Reward: 1:2
Potential Duration: 3 to 7 days

NB: This speculation can be considered to make decisions on lower timeframes.

Watch this space or Telegram channel for updates as price action is been monitored.


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