GBPUSD Imminent Shorts down towards 1.24000
This week, GU presents an intriguing setup as it appears to have made a decisive move. With the pair breaking structure to the downside and the dollar strengthening, it has reinforced a bearish trend in my view, prompting me to consider shorting opportunities. My focus is currently on the 4-hour supply zone, anticipating a Wyckoff distribution to unfold.
At present, I don't see any clear buying opportunities, while selling positions align with the prevailing trend. Therefore, I'll await the Monday open to observe how price action around the Asian high unfolds, with the intention of initiating sells. The aim is to target the 1-hour demand zone and capitalise on the trendline liquidity below.
Confluences for GU Sells are as follows:
- Price left a clean 4hr supply zone with a refined version in which we can expect a bearish reaction to take place.
- Price has been moving bearish regarding the recent break of structure to the downside.
- DXY is also been moving bullish so it backs the GU downtrend.
- Lots of liquidity to the downside like trendline liquidity and Asian lows.
- The overall trend of this market like the monthly still shows its a bearish trend.
P.S. As it's a bank holiday for the dollar on Monday, I'll proceed cautiously and anticipate limited market activity. However, if my trading edge aligns with all my confirming factors, I'll execute my trades promptly and decisively.
HAPPY TRADING!
At present, I don't see any clear buying opportunities, while selling positions align with the prevailing trend. Therefore, I'll await the Monday open to observe how price action around the Asian high unfolds, with the intention of initiating sells. The aim is to target the 1-hour demand zone and capitalise on the trendline liquidity below.
Confluences for GU Sells are as follows:
- Price left a clean 4hr supply zone with a refined version in which we can expect a bearish reaction to take place.
- Price has been moving bearish regarding the recent break of structure to the downside.
- DXY is also been moving bullish so it backs the GU downtrend.
- Lots of liquidity to the downside like trendline liquidity and Asian lows.
- The overall trend of this market like the monthly still shows its a bearish trend.
P.S. As it's a bank holiday for the dollar on Monday, I'll proceed cautiously and anticipate limited market activity. However, if my trading edge aligns with all my confirming factors, I'll execute my trades promptly and decisively.
HAPPY TRADING!