GBPUSD - 14 June 2023
SOS: GU is showing bullishness.
Technical perspective:
Look at daily TF, lows are being respected, demand is holding the price. First price come back down into the daily S2D after the bullish displacement (up into daily SIBI).
Look at this bullish doji candle, the wick to upside showing there is supply trying to push price lower, but the next candle break through it and close above it, this signifies bullishness and follow through, it's a SOS, supply failed to move price lower.
Then price pullback down and fill up the inefficiency along the way and found support from the wick, then continue to deliver higher price. From what I see now, GU is showing SOS, bullishness.
Fundamental Confluence:
Tuesday GPB major news released, fundamentally supporting GU to go higher. Then at NY session, USD news CPI causing Dollar to go lower, again moving GU higher.
Technical perspective:
Look at daily TF, lows are being respected, demand is holding the price. First price come back down into the daily S2D after the bullish displacement (up into daily SIBI).
Look at this bullish doji candle, the wick to upside showing there is supply trying to push price lower, but the next candle break through it and close above it, this signifies bullishness and follow through, it's a SOS, supply failed to move price lower.
Then price pullback down and fill up the inefficiency along the way and found support from the wick, then continue to deliver higher price. From what I see now, GU is showing SOS, bullishness.
Fundamental Confluence:
Tuesday GPB major news released, fundamentally supporting GU to go higher. Then at NY session, USD news CPI causing Dollar to go lower, again moving GU higher.
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