GBP/USD Shorts from 1.31600 down to 1.30000
This week, my analysis for GBP/USD (GU) focuses on the continuation of the bearish trend. I’m waiting for price to retrace back to the 2-hour supply zone, where trendline liquidity is resting just below. This retracement will set up for a potential move downward.
Once price reaches the 1.30000 level, I may consider a counter-trend buy at that point. However, with structure continuing to break to the downside, my primary focus will remain on sell opportunities. The strength of the dollar is another factor, further reinforcing this bearish outlook for GU.
Confluences for GU Sells:
- Structure Break: Price has broken to the downside, leaving behind a new supply zone.
- Bearish Market Structure: Recent market movement has been bearish, supported by the rising dollar.
- Liquidity: Significant liquidity exists to the downside, awaiting to be taken.
- Strong Dollar: The bullish dollar aligns with and supports the idea of further GU declines.
P.S. If price continues downward, I’ll wait for it to tap into the next demand zone. If price rises and breaks the supply zone, a reaction from the 17-hour supply zone may offer new sell opportunities.
Once price reaches the 1.30000 level, I may consider a counter-trend buy at that point. However, with structure continuing to break to the downside, my primary focus will remain on sell opportunities. The strength of the dollar is another factor, further reinforcing this bearish outlook for GU.
Confluences for GU Sells:
- Structure Break: Price has broken to the downside, leaving behind a new supply zone.
- Bearish Market Structure: Recent market movement has been bearish, supported by the rising dollar.
- Liquidity: Significant liquidity exists to the downside, awaiting to be taken.
- Strong Dollar: The bullish dollar aligns with and supports the idea of further GU declines.
P.S. If price continues downward, I’ll wait for it to tap into the next demand zone. If price rises and breaks the supply zone, a reaction from the 17-hour supply zone may offer new sell opportunities.
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