Similar to EURUSD, GBPUSD is also confined within the rising channel. Furthermore, there is a whole new large 500pips price area for the market makers to play within. I dubbed it as “the new playground.”
The new playground is from 1.5800-1.6300. Why is this a new playground?
•There is plenty of white empty spaces between 1.5800-1.6300.
•Prices has not been seen in this area for a long time.
•Like water, prices follow the path of least resistance. And the path is between 1.5800-1.6300.
•Market makers may want to fight it out here and establish their new supports and resistances within this zone.
As long as price remains within the rising channel, we should expect a re-test of 1.6300.