DislikedGBP/USD Notable push up during tokyo session. There is an upcoming news release soon and will most likely push the price towards the RDL. We'll see what happens. Would like some more opinions on this pair. {image}Ignored
Tiggrrr,
I feel that the market is a bear on GU. Look at the attached H1 chart in which three candles from yesterday are boxed. These are the three highest activity hours of all of yesterday, occurring after the start of the US session. Here is my interpretation.
The US session started with strong selling, but not yet the highest volume bar. The next hour has the highest volume bar, and the candle for the most part remained above the whole number. The next candle is of the second highest volume and is the key to everything. It shows a strike back upwards, possibly a hunt of stops on longs, and this candle is for the most part remaining above the whole number also. The third high volume candle was to push the price back above the whole number and keep it up there for a time, while more trading continued up there.
That is pretty much it, but to me it says the market is a bear, seeking shorts and keeping the price up while doing so. Note also, the PA so far today has been to get the price back up, with a lot less trading activity involved, which could be the market makers manipulating the price up in light traffic, so they too can get some more cheaper shorts to sell at a profit later when the market gets busy again and the short orders to be filled start flowing in.
A market that is bearish on GU is how I see it.