GBPUSD Sustained Sells
GU unlike EU is actually a bearish market overall and this makes sells more readily available to me. TBH since shifting over to trading gold almost exclusively I can't stand how much slower forex pairs such as GU and EU move by comparison so it is unlikely that I would trade it even if I do end up seeing something but I will call it out if I feel like it needs to do so.
That being said, GU is currently in consolidation right now after just breaking out of a previous consolidation. When we look at what GU has been doing over the past few weeks it also shows heavy bearish momentum
If you even look at the peak one might even say that price stop hunted high to get rid of sellers who had stops higher, but I'm not quite sure so I won't use that as a confluence within this particular analysis.
This is what I see, price stumbling within the consolidation a bit more and then pushing up to about this level or so to get rid of sellers stops within both the consolidation areas and then drop after that.
My reason for using this particular path is simple. I think the dealer wants to get rid of sellers but he can't drive price so high such that he gives new sellers a better opportunity - if price goes any higher he may give sellers the signal they are looking for to get in which invalidates the dealer's move. If price gets up to the level highlighted by the blue marker sells are probably off the table temporarily.
That being said, GU is currently in consolidation right now after just breaking out of a previous consolidation. When we look at what GU has been doing over the past few weeks it also shows heavy bearish momentum
If you even look at the peak one might even say that price stop hunted high to get rid of sellers who had stops higher, but I'm not quite sure so I won't use that as a confluence within this particular analysis.
This is what I see, price stumbling within the consolidation a bit more and then pushing up to about this level or so to get rid of sellers stops within both the consolidation areas and then drop after that.
My reason for using this particular path is simple. I think the dealer wants to get rid of sellers but he can't drive price so high such that he gives new sellers a better opportunity - if price goes any higher he may give sellers the signal they are looking for to get in which invalidates the dealer's move. If price gets up to the level highlighted by the blue marker sells are probably off the table temporarily.
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