PREPARING FOR SHORTS ON GBP/USDGBP/USD 1D - Again we have another higher timeframe outlook on this pair and my thoughts for it are very similar to the EUR/USD market, the reason being is because the USD is quote currency for both.
This suggests that we want to see strength in the USD across the board and weakness in the GBP and the EUR. I want to see price trade us up initially into the Supply Zone above.
From there we want to see price begin to break down, once price trades into the area buyers in the market should be removed and sellers will be introduced, causing price to reverse nicely for us.
Again those who are pre-emptive and do not want to wait for additional confluence can look to place a pending order, but those who do want additional confluence should wait for price to break structure first before looking to place a short position.
