GBP Futures (6b, Sep)
Daily TPO - after filling the initial imbalance and VAH, we are expecting bearish pressure to remain with any rallies seen as opportunities for sells. The possibility of a quick rally higher still remains although this too would be considered a short opportunity as we have poor weekly lows the market will likely clear before making any sustained move higher.
AM TPO - Choppy price action has left the session profile without clear guidance. The preference would be to stick with the daily profile analysis for the AM session at least until perhaps the PM TPO, which may offer up something more interesting.
15min candlestick chart GBPUSD - as the session profiles look weak, we can look into the Asian range for a potential sweep and drop. We have some supply levels above the Asian highs which could give bears the fuel they need, although it would be confirmed with order flow rather than a sell order.
EURO Futures (6E, Sep)
Daily TPO - similarly to GBP, a rally long through the London session would provide us with a good opportunity to short. We don't believe USD bulls have finished quite yet therefore selling rallies remains our main objective.
AM TPO - as we write this the AM session may offer some selling however we are not convinced it will be long lived. With liquidity above, this would be enough to fuel the market lower if we can see a high volume push higher.
15min candlestick chart - Sweeping the Asian range now, right around the AM singleprint, we are seeing a small amount of orders coming in. However, its not enough for us to take a bearish swing position just yet, we would prefer a move higher first.
Trade safe and be patient this morning.
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