M15 & H1 Intraday Key Levels| Bearish Bias
Market Structure: Bearish
Intraday Sentiment: Sell On Rise
Session Focus: London| Nyc
London Market Overview
Although the GBPUSD Forecast confirmed the bearish structure shift on h1. As a result the GBPUSD Forecast failed to sustain above the support zone and closes below the near by support at 1.35038 on h1. Therefore the GBPUSD Forecast established the fresh resistance at 1.35144 – 1.35167 on h1 time frame. Meanwhile the m15 trades in bullish structure, as the GBPUSD Forecast validate the bullish structure shift while giving the decisive close above the resistance at 1.34984 on m15. As a result GBPUSD Forecast set up the near by support at 1.34901 – 1.34896 on m15. In addition, a close below 1.34755 on h1, may indicate the continuation of downside extension and would confirm the fresh resistance at 1.35060 – 1.35087 on h1.
Resistance Zones
M15 Resistance Zone
1.35386 – 1.35399
Pending Supply Zone
Short Term Key Resistance Region
H1 Resistance Zone
1.35144 – 1.35167
Fresh Supply Zone
Higher Time Frame Resistance Region
Support Zones
M15 Support Zone
1.34896 – 1.34901
Fresh Demand Zone
Short Term Key Support Base
H1 Support Zone
1.34584 – 1.34514
Pending Demand Zone
Higher Time Frame Support Region
Session Strategy
However the price may continue its bearish structure on 1h time frame, until 1.35995 remains intact on h1 time frame. Therefore a decisive close above 1.35995 on h1 time frame. As a result price could signal the bullish structure shift and may form the fresh support zone at 1.35156 – 1.35167 on h1 time frame. On the other hand, a move below 1.34990 on m15 time frame, as the price could validate the bearish character shift and could generate the fresh resistance zone at 1.35033 – 1.35059 on m15 time frame.
Nyc Session Outlook
Although the price is expected to remain in bearish structure on h1 time frame, until 1.35995 remains intact on h1 time frame. Meanwhile the m15 trades in bullish structure. Therefore the price stays above the last support zone at 134822. In addition the structure hasn’t confirmed any fresh or near by support zone on m15 time frame. Moreover, the price hasn’t established any fresh resistance on h1 time frame and the previous resistance at 1.35144 on h1 time frame is already tapped by the price.
Key Resistance & Support Zone
Resistance Zones
M15 Resistance Zone
1.35386 – 1.35399
Pending Supply Zone
Short Term Key Resistance Region
H1 Resistance Zone
As the price trades in bearish structure on h1 time frame. Meanwhile the price hasn’t established any fresh resistance on h1 time frame. Therefore awaiting for new structure.
Support Zones
M15 Support Zone
Although the structure continues the bullish momentum on m15 time frame. Meanwhile the price hasn’t introduced any fresh support zone on m15 time frame. Therefore awaiting for new structure.
H1 Support Zone
1.34584 – 1.34514
Pending Demand Zone
Higher Time Frame Support Region
Session Strategy
However the price may continue to favor the downside momentum on h1 time frame, until 1.35995 remains intact on h1 time frame. Meanwhile a close above 1.35995 on h1 time frame. As a result price may signal the upside structure shift and could form the fresh support zone at 1.35156 – 1.35167 on h1 time frame. In addition, a settled close below 1.34822 on m15 time frame, as the structure may validate the bearish structure shift and may generate the fresh resistance zone at 1.35071 – 1.35087 on m15 time frame.
Key Takeways
Trend: Bearish
Bias: Sell On Rise
Follow H1 Structure
Disclaimer
Although this analysis is for educational and informational purposes only. Therefore it does not constitute financial advice. However always manage your risk and trade responsibly.
In addition, check out my Previous GBPUSD Forecast post
For daily GBPUSD chart analysis refer my GBPUSD Daily Analysis section