31052023 - #GBPUSD

2023年5月31日

GBPUSD gave an initial sell to take out Monday's low before rallying higher. DXY hit a resistance above on the initial sell but came down to 104 (and lower) - the level I mentioned before basing. In a way, I was too aggressive on my 1.2395 level; (though DXY was at 104). Market went past it, to above resistance before coming down and bounced off at this 1.2395 level ( where the daily and weekly BZ meets). Could see some further upside, but would like to see price pullback to 1.2383 or so, fake breakdown before price stabilize and look for up.

In a way, I was too aggressive because the green candles of the previous days does point to bigger upside before any sell could come. For today, I would say that we can see that price is within the zones, held by weekly BZ now, while PZ and daily BZ are below as support.