UPDATE ON GBP/USD ANALYSIS
GBP/USD 1D - As you can see price has now traded us up and into the Supply Zone we had marked out a few days ago, we want to see price reject well from this area offering us a short opportunity.
I will be waiting for price to trade into the 50% mark, reject well breaking structure fractally. This will tell us that price has finished correcting itself here on the 1D timeframe and its ready to put in the next bearish leg.
Yes price is pulling back trading us into an area of Supply, yes Supply is being introduced which should flip the S&D balance but for those of you who may trade differently, ie Support and Resistance, price has broken a level of Support which is now acting as Resistance.
So this is a classic break and retest, and is offering us the opportunity to short should price fail to absorb the Supply and trade higher. Its important now that we are patient and wait for price to play into our hands allowing us that opportunity to short the market.
I will be waiting for price to trade into the 50% mark, reject well breaking structure fractally. This will tell us that price has finished correcting itself here on the 1D timeframe and its ready to put in the next bearish leg.
Yes price is pulling back trading us into an area of Supply, yes Supply is being introduced which should flip the S&D balance but for those of you who may trade differently, ie Support and Resistance, price has broken a level of Support which is now acting as Resistance.
So this is a classic break and retest, and is offering us the opportunity to short should price fail to absorb the Supply and trade higher. Its important now that we are patient and wait for price to play into our hands allowing us that opportunity to short the market.
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