FX Daily Thoughts
Market Profile FX analysis GBP/USD
GBP/USD is the interesting one for me as the price is between two zones marked by the two blue rectangles on the chart. For two days the GBP bulls have not let the 1.2660 level break but so far this morning the initial balance area has been very small. This means it is very likely to topple and looking at the overall structure my bias is tilted to the downside. I must stress this is only based on the chart. So the R/R in this trade favours the short in the lower time horizon and 1.2606 could be an area of support as there is a low “volume” node in the area. Above price 1.2706 has been an area of resistance in the past as yesterday and six sessions ago it was used as resistance with good effect.
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