GBP Futures (6B, June)
Looking for a continuation of yesterday's PM sell off, clearing support and for a wider retracement. Upon the London open, we are looking for a drive higher to take sell opportunities around some of these key levels, as long as we are trading below AM session POC, we consider the bias bearish.
AM and daily POC match up very closely on both profiles giving merit to AMT (auction market theory) as long as we remain below these levels.
AM Session profile (fig.1)
Daily profile (fig.2)
GBPUSD candlestick chart
Strong setup with clear exit, you could move the stop loss slightly wider if taking a sell limit otherwise await confirmation via footprint and DOM
EURO Futures (6E, June)
Similarly, EURO looks poised for a bounce before taking any further shorts. VAL (green box, fig.1) is the first point of resistance and we would await a reaction here before entering anything. Secondly we have AM naked POC which would draw a line in the sand for us as it is aligns with Daily VAL (white, fig.2). As per AMT, we could expect price discovery lower assuming we remain outside of value therefore retracements would be considered optimal for shorts.
AM session profile (fig.1)
Daily session profile (fig.2)
EURUSD candlestick chart (fig.3)
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