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 is expected to remain in bearish structure on h1. As a result GBPUSD Forecast operates below the last resistance at 1.35995 on h1. Meanwhile the GBPUSD Forecast hasn’t shaped any fresh resistance on h1. In addition the m15 time frame continuing its bearish structure, while hovering below the last resistance at 1.35294 on m15. As a result GBPUSD Forecast confirmed the fresh resistance at 1.35281 on m15. Moreover, the pending resistance zone would remain valid on h1, because the GBPUSD Forecast hasn’t formed any fresh or near by resistance on h1. However a move below 1.34756 on h1, would indicate the continuation of bearish extension and my shape the fresh resistance at 1.35402 – 1.35446 on h1.
Resistance Zones
M15 Resistance Zone
1.35281 – 1.35294
Fresh Supply Zone
Short Term Key Resistance Zone
H1 Resistance Zone
1.36947 – 1.37003
Pending Supply Zone
Higher Time Frame Resistance Zone
Support Zones
M15 Support Zone
1.34975 – 1.34933
Pending Demand Zone
Short Term Key Support Base
H1 Support Zone
1.34514 – 1.34584
Pending Demand Zone
Higher Time Frame Support Zone
Session Strategy
However the price may keep the sellers intact on h1 time frame. As a result price trades below the last resistance at 1.35995 on h1. Meanwhile a finish above 1.35995 on h1 time frame. As a result price may tilt the bias to the bullish side and would confirm the fresh support at 1.35167 – 1.35144 on h1 time frame. On the other hand, a decisive close above 1.35294 on m15 time frame. As a result price would validate the bullish momentum shift and may form the fresh support at 1.35245 – 1.35230 on m15.
Nyc Session Outlook
Although the h1 structure may continue to support the sellers, until price hovers below the nearest resistance at 1.35995 on h1. Meanwhile the m15 time frame continuing to favors the sellers and established the fresh resistance at 1.35269 on m15 time frame. More0ver, the h1 pending levels would remain effective in nyc session. However a move below 1.34756 on h1, would indicate the continuation of bearish extension and my shape the fresh resistance at 1.35402 – 1.35446 on h1.
Key Resistance & Support Zone
Resistance Zones
M15 Resistance Zone
1.35269 – 1.35304
Fresh Supply Zone
Short Term Key Resistance Zone
H1 Resistance Zone
1.36947 – 1.37003
Pending Supply Zone
Higher Time Frame Resistance Zone
Support Zones
M15 Support Zone
As the price trades in bearish structure on m15 time frame. Therefore the price hasn’t established any fresh or near by pending support zone on m15. Meanwhile awaiting for the new structure.
H1 Support Zone
1.34514 – 1.34584
Pending Demand Zone
Higher Time Frame Support Zone
Session Strategy
However the price may continue to benefit the sellers on h1 time frame. As a result price operates below the last resistance at 1.35995 on h1. Therefore, a close above 1.35995 on h1 time frame. As a result price could shift the bias to the bullish side and may confirm the fresh support at 1.35167 – 1.35144 on h1 time frame. Meanwhile, a define close above 1.35304 on m15 time frame. As a result price may validate the bullish structure shift and would form the fresh support at 1.35155 – 1.35151 on m15.
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