Hmm. I dunno .. I can see why your call is posted. Obviously we do not want to go against the current downtrend and a supply zone is a supply zone but if we do get the break from the downtrend line and break 29200 area then we will see good upwards movement.
Your chart does say to only short IF we get a bounce from the supply zone but I also see you do countertrend in some of your calls. DXY is looking weak, there is a bearish divergence on there and I don't think the fundamental news is going to help at all this week. Would also move very well with XAU moving up too.
Due to all of these factors I am more inclined to long the breakout of this resistance than to look for a short position on GBP/USD.
DatTong
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@Crypt0Phoenix, It's a nice view. But for the reference, I do early counter-trend not waiting for any confirmation to get the counter-trend trades. But for the with-trend, we need confirmation.
Your chart does say to only short IF we get a bounce from the supply zone but I also see you do countertrend in some of your calls. DXY is looking weak, there is a bearish divergence on there and I don't think the fundamental news is going to help at all this week. Would also move very well with XAU moving up too.
Due to all of these factors I am more inclined to long the breakout of this resistance than to look for a short position on GBP/USD.