GBP/USD Shorts from 1.27000 back down (Pro Trend)
My analysis for GU is bearish, and I am currently waiting for a pullback into a daily supply zone to look for shorting opportunities. Once the price taps into my point of interest (POI), I will look for a lower time frame (LTF) Wyckoff schematic to take the price down.
With the dollar looking bullish, this analysis aligns well. Additionally, this is a pro-trend trade, as recent price action has shown lower lows and lower highs. If the price creates a new break of structure (BOS), we may see a new supply zone, which I will be monitoring closely.
Confluences for GU sells are as follow:
- Price broke structure to the downside on the higher time frame
- Daily supply level left unmitigated thats now become our POI.
- Lots of liquidity left to the downside as well as an imbalance
- DXY is also correlating and supporting this idea as the dollar is looking bullish right now.
- Lots of bearish pressure which means the correction is pending back up.
P.S. If the price continues to drop and enters the 6-hour demand zone, I will look for buying opportunities back up to a nearby supply zone. It's important to stay adaptable based on what the market presents.
With the dollar looking bullish, this analysis aligns well. Additionally, this is a pro-trend trade, as recent price action has shown lower lows and lower highs. If the price creates a new break of structure (BOS), we may see a new supply zone, which I will be monitoring closely.
Confluences for GU sells are as follow:
- Price broke structure to the downside on the higher time frame
- Daily supply level left unmitigated thats now become our POI.
- Lots of liquidity left to the downside as well as an imbalance
- DXY is also correlating and supporting this idea as the dollar is looking bullish right now.
- Lots of bearish pressure which means the correction is pending back up.
P.S. If the price continues to drop and enters the 6-hour demand zone, I will look for buying opportunities back up to a nearby supply zone. It's important to stay adaptable based on what the market presents.
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