GBP/USD 1H - With this pair we have very similar thoughts to what we have on the EU pair. Rightly so with the USD being quote on both pairs, we want to see a breakdown in price.
Now that price has broken structure to the downside breaking the last structural fractal low, it gives us some confluence that price is ready for a down move and the balance is in favour of Supply.
In order for us to have confirmation however to short this market we must see price trade into the Supply Zone given, rejecting well and breaking structure for the second time but on the lower timeframes.
This will confirm the end of the correction and the start of the next impulse lower. This giving us enough confluence to short this market longer term, setting our TP just above the last higher timeframe low.
Now that price has broken structure to the downside breaking the last structural fractal low, it gives us some confluence that price is ready for a down move and the balance is in favour of Supply.
In order for us to have confirmation however to short this market we must see price trade into the Supply Zone given, rejecting well and breaking structure for the second time but on the lower timeframes.
This will confirm the end of the correction and the start of the next impulse lower. This giving us enough confluence to short this market longer term, setting our TP just above the last higher timeframe low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.