The concept is symmetry and what lacked in yesterday’s GBP at 1.2908 and 1.2914. Instructive concept as price points were located at 1.2809, 1.2841, 1.2876 and 1.2908. Furthest 1.2809 and 1.2908 accounted for 49 Vs 50 while two inners valued at 17 and 18. Far stronger supports existed below. Yet above 1.2914, next values were 1.2925 and 1.2965 which meant targets above 1.2925 were 1.2940 and 1.2945. GBP dead stopped at 1.2930’s. Not a dead stop at a target number but a dead stop between intervals. Interval stops are second degree to dirty pool and we’ve seen this concept much lately. Its where price location and understanding dominate. End result in a day of dirty pool was sell higher on a second round of shorts.
By last evening, the concept of Symmetry was resolved as balanced because price points were then located at 1.2873 and 1.2905 Vs 1.2940 and 1.2972. The lost 1.2940 and 1.2960 area from yesterday was and is now covered as a price point rather than an extension inside the price curve. Points 1.2873 and 1.2972 are balanced on a high low basis while the inners
Today’s Symmetry for two outers are perfectly valued at 1.2876 Vs 1.2976. The two inners are valued at 1.2917 and 1.2936. Price points are locations to long or short breaks. The two inners compressed from minus 4 from 1.2940 to 1.2936 and +12 from 1.2905 to 1.2917.
Below 1.2917 targets 1.2893 then 1.2876 and further due to NFP, 1.2861. A target at 1.2861 will fly to 1.2876 and a break then 1.2917. A 1.2976 above will come back to 1.2936. Above 1.2976 then 1.2983. I wouldn’t touch GBP above 1.2976 unless short is the objective.
GBP/JPY on the Symmetry side lost its balance and is currently off kilter. Thursday morning was off by 8 pips at 144.50 Vs 145.54. Then above 145.54 comes 143 pips away at 146.41 while the main and only inner was located at 144.79. Last evening never resolved at price points 145.04, 145.33 and 146.08.
Today, GBP/JPY price -break points are located at 144.50 and 144.89 Vs 145.55 and 146.19. What’s 120 pip 146.19 doing. EUR/JPY resolves exactly as GBP/JPY, its has problems, yet both contain wide ranges and perfect opportunities for NFP.