GBP Futures (6B, December)
Daily TPO
NFP today so expect little clear movement throughout the London session. Firstly looking at the daily TPO's we can see a nice recovery starting to take place as the market is stepping up. As per the profiles we expect a similar action today with preferred strategy of buying dips. With that being said it would be more fitting to wait for the NFP announcement to take the market into our pre determined buy zones in order to position. Any orders taken before NFP will very likely be swept one way or another unless the stop loss is extremely wide.
Clear POC and VAL will be the most interesting levels on the daily, given where the market currently is it would be a surprise if it held the VAH for any length of time.
AM Session TPO
We are running into a previous POC as we type this which may provide some resistance for early buyers. Possibility of an intraday sell off is valid from this level.
Not recommended trading these levels this morning without using the complete chartbook as the footprint chart will be key to see a switch of buyers to sellers.
PM Session TPO
If we are considering the possibility of a trade in the PM session, we must consider the PM levels. Currently the high volume cluster aligns with the previous day VAL which will be a key level where big players would consider transacting from. Depending on the initial reaction to NFP will dictate whether the area around 1.2150 will offer a long opportunity.
GBPUSD 15min Spot market chart
Ideally NFP will offer the opportunity to trade out of this key zone below. We have reacted from the am poc and are finding some early sellers. There is a possibility of a fade from current levels but it would be considered an intraday scalp and nothing more.
Trade Safe
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