GBP/USD Shorts from 1.29200 back down
I am looking for sell opportunities in GBP/USD. Recently, the price dropped and broke structure to the downside, indicating a bearish trend. To capitalize on this move, I expect a retracement back to our marked points of interest (POIs).
Once the price retraces to these POIs, I'll be watching for a Wyckoff distribution pattern on the lower time frame to initiate sell positions. There’s significant liquidity below, making this a pro-trend idea that aligns with my bullish dollar bias.
Confluences for GU Sells:
Trend Formation: Price is forming lower lows and lower highs.
Supply Zone: A 5-hour supply zone caused the recent break of structure.
Liquidity: Significant liquidity below in the form of trend lines and Asia lows.
Dollar Strength: DXY (Dollar) is bullish on the higher time frame, supporting this pro-trend trade idea.
P.S. If the price continues to drop without tapping into my supply zone, I will wait for it to reach the 17-hour demand zone and look for buy opportunities back up. However, I am more inclined toward sell positions.
Once the price retraces to these POIs, I'll be watching for a Wyckoff distribution pattern on the lower time frame to initiate sell positions. There’s significant liquidity below, making this a pro-trend idea that aligns with my bullish dollar bias.
Confluences for GU Sells:
Trend Formation: Price is forming lower lows and lower highs.
Supply Zone: A 5-hour supply zone caused the recent break of structure.
Liquidity: Significant liquidity below in the form of trend lines and Asia lows.
Dollar Strength: DXY (Dollar) is bullish on the higher time frame, supporting this pro-trend trade idea.
P.S. If the price continues to drop without tapping into my supply zone, I will wait for it to reach the 17-hour demand zone and look for buy opportunities back up. However, I am more inclined toward sell positions.
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