GBP/USD imminent shorts back down or sell from 1.30000
My analysis for GBP/USD (GU) this week is bearish due to the current mitigation of the daily supply zone. As price is within this zone, I will be looking for price to distribute and then enter short-term sells. Since price is already in the zone but hasn't yet touched the refined zones, I may wait for price to mitigate deeper.
Around the 1.30000 mark, there's a refined supply on the 19-hour time frame. From there, it would be a more ideal place to sell. If price starts to sell off from this level, I will target the next demand zone, allowing me to buy back up again since the current trend is still bullish.
Confluences for GBP/USD Sells are as follows:
Price has been very bullish recently, and bullish pressure is getting exhausted.
There is a strong supply zone on the higher time frame sitting at a psychological level.
Price has left a lot of imbalances and liquidity below that needs to be addressed.
This outlook aligns with the expectation of the DXY increasing slightly.
P.S. If price doesn't sell off on Monday, I can expect price to consolidate a little and push a bit higher to mitigate the daily supply zone more deeply.
Around the 1.30000 mark, there's a refined supply on the 19-hour time frame. From there, it would be a more ideal place to sell. If price starts to sell off from this level, I will target the next demand zone, allowing me to buy back up again since the current trend is still bullish.
Confluences for GBP/USD Sells are as follows:
Price has been very bullish recently, and bullish pressure is getting exhausted.
There is a strong supply zone on the higher time frame sitting at a psychological level.
Price has left a lot of imbalances and liquidity below that needs to be addressed.
This outlook aligns with the expectation of the DXY increasing slightly.
P.S. If price doesn't sell off on Monday, I can expect price to consolidate a little and push a bit higher to mitigate the daily supply zone more deeply.
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