GBP/USD Shorts are becoming more dominant?
GU sell opportunities are looking increasingly favorable as the dollar continues to rise. We now have some high-quality supply zones, specifically the 19-hour and 4-hour zones. If the price breaks the nearby low and structure again, the 2-hour supply zone I’ve identified will become more valid.
Since the price is not near any of my high-time-frame points of interest (POIs), if it keeps falling, I expect the imbalances to be filled and the demand zones to be mitigated. Ideally, we will see a reaction from the 3-hour or 17-hour demand zones.
Confluences for GU Sells:
The dollar is bullish, indicating GU should trend downward.
Valid supply zones are forming, presenting potential bearish trade setups.
There are numerous imbalances and liquidity below that can be targeted.
The price has changed character and broken structure to the downside on the higher time frame.
P.S. I will closely monitor the price action throughout the week and adapt accordingly. It appears that a sell position is becoming more likely due to the Wyckoff distribution observed on the high time frame.
Since the price is not near any of my high-time-frame points of interest (POIs), if it keeps falling, I expect the imbalances to be filled and the demand zones to be mitigated. Ideally, we will see a reaction from the 3-hour or 17-hour demand zones.
Confluences for GU Sells:
The dollar is bullish, indicating GU should trend downward.
Valid supply zones are forming, presenting potential bearish trade setups.
There are numerous imbalances and liquidity below that can be targeted.
The price has changed character and broken structure to the downside on the higher time frame.
P.S. I will closely monitor the price action throughout the week and adapt accordingly. It appears that a sell position is becoming more likely due to the Wyckoff distribution observed on the high time frame.
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