– Buys on close above 161.560 as price breaks the Previous Daily High and the 4h / 1h Consolidation zone targeting 4h Resistance at 162.110, Leaving Runners to the most recent 1h Resistance at 162.530.
– Sells on close below 160.630 on the break of the Weak Daily Support and 4h / 1h Consolidation Zone targeting 4h Support at 159.990, Leaving Runners to the 1h Support at 159.670.
– Higher timeframe review:
– Despite not having any good setup trades while price Consolidating on the 4h, bigger opportunities for better trades coming ahead, As of today :
– Current Monthly candle formed a top wick and is about to flip Bearish.
– Previous Weekly candle closed Doji Bearish with a huge rejection wick as price tapped Weekly Resistance formed on 12th September 2022.
– Previous Daily candle closed weak Bullish and the 4h + 1h in the Consolidation Zone.
– There is a much cleaner move for Sells based on the higher timeframe to retest the Weekly Support formed on 26th September 2022 at around 155.500, So the more price consolidate in the current 4h Zone the higher the probability for the price to retest the recent Lows on the higher timeframe(Weekly Support 155.500), The catalyst for sells to play out would be a high impact news like GDP(Gross Domestic Product) or the CPI(Consumer Price Index) for the GBP news next week Thursday 19th October, Forecast hasn’t been released yet but the Inflation remains an issue and more likely it will rise further for the last Quarter of the year 2022 as energy prices have been set to rise from the beginning of October, Those changes won’t have an impact immediately on businesses until possibly next month (November / December) as we always have a data from the previous month.