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Market Analysis – May 14
GBPUSD market structure has featured significant lower highs and higher lows since March 2023 on the daily chart.
The price action has led to a symmetrical pattern on the daily chart. The trendline of the symmetrical triangle has been extended to help discern future swing highs and lows.
GBPUSD Key Levels
Demand Levels: 1.2300, 1.2120, 1.1830
Supply Levels: 1.3140, 1.2860, 1.2710
GBPUSD Long-Term Trend: Bearish
GBPUSD market took advantage of the rich liquidity pool resting above the relatively equal highs formed in December and January. The bearish trend was established after a brief ascent above the relative equal highs.
The current bearish trend was established after shorts were engineered. The swing high of 1.2700 was the last major high used to establish the new major low of 1.2300 on the daily chart. The swing high features a bearish order block and a fair value gap, serving as a price magnet for retracement.
The third test of the supporting trendline of the symmetrical triangle fostered an ascent to the bearish order block. The swung high is well defended hence the selling pressure from the test of the bearish order block is expected to increase selling pressure.
GBPUSD Short-Term Trend: Bearish
A bearish shift in market structure has been established on the 4-hour chart. This seems to be a resumption of the bearish trend. The market is expected to drive back to the demand level of 1.2300.
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