M15 & H1 Intraday Key Levels | Bearish Bias
Market Structure: Bearish
Intraday Sentiment: Sell On Rise
Session Focus: London | New York
London Market Overview
Although the price continues its bearish structure, meanwhile the price facing the rejection on h4 time frame previous support area at 133.258 and dominate the price towards upside . Therefore during the session the price tried to establish the change of character on h1 time frame but failed, moreover the price continued its bearish structure while establishing the fresh resistance is at 1.34506. If price closes above the 1.34539 on h1 time frame then the price may confirm the change of character in gbpusd and as a result 1.34539 may act as the fresh demand zone. Until that 1.34539 will act as the fresh resistance.
Resistance Zones
M15 Resistance Zone
1.34547 – 1.34559
Fresh supply area
Possible sell reaction Zone
H1 Resistance Zone
1.34507 – 1.34539
Untapped Supply Area
Possibly strong supply than m15
Support Zones
M15 Support Zone\H1 Support Zones
Although the price hasn’t established any near by support on m15 and h1 time frame, meanwhile awaiting for the new structure to be formed. Moreover the demand zone will remain at h4 time frame.
H4 Support:
1.33260 – Previous demand reaction
1D Support:
1.32976
Pending demand area
Higher Timeframe Support Base
Session Strategy
Although the higher time frame structure favors the sellers on M15, H1 and H4 time frame. But on the other hand the buyers are defending 1.33154 demand zone. Moreover the sellers remain aggressive below 1.34507 supply area. In addition intraday bias remains bearish below 1.34507 until it closes full body candle on H1 time frame above 1.34507. Meanwhile furthermore downside may remain expected as long as the price holds the last resistance at 1.34507
Key takeways
Trend= Bearish
Bias= Sell On Rise
H1 levels are more reliable
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.