GBPUSD Shorts from 1.28000 down towards demand This pair continues to grab my attention, particularly as it approaches my 10-hour supply zone. I anticipate a redistribution and subsequent sell-off targeting the equal lows. It's important to note that this is a counter-trend trade aimed at capturing a temporary downward movement to a more favourable demand.
Given the substantial liquidity at the newly identified 4-hourly demand zone, my strategy involves patiently waiting for the equal lows to be swept, filling the imbalance, and eventually triggering a reaction off the prominent 11-hour demand zone. However, I will assess price behaviour within the 4-hour zone, considering it as the closest opportunity for potential buys.
Confluences for GBPUSD Sells are as follows:
- Price has swept liquidity to the upside and now price is slowing down
- Bullish pressure is now getting exhausted as you can see from the candlesticks.
- Price has filled in an imbalance just below our 10-hour supply zone.
- There is lots of liquidity to the downside that needs to get taken like equal lows.
- Price is due for a pullback to enter a level of demand if price wants to keep pushing higher.
- Overall on the higher time frame the market is bearish and I do see the dollar rising just a little more.
P.S. As price steadily advances, this serves as additional confirmation that it is likely to react off the nearby supply zone. Consequently, I anticipate a Wyckoff distribution to unfold.
Have a great week ahead traders!
