Dear traders,

Last time I wrote about GBPUSD.

The pair initially went in the right direction but then changed course to re-test the major supply zone.

I did not open a position, but now I am looking at it and think this might be a good time to start looking for shorts.

Let’s dig deeper into that.

GBPUSD Trading Analysis 08.03.2024

Today I am looking at GBPUSD.

It looks like we have reached a major supply zone.

What I am looking for is a rejection candle.

In other words, I am looking for an inverted pin bar or a bearish engulfing candle.

This might take some time, but I am definitely looking for a bearish signal from the Daily chart.

Then, I would ideally like to see a confirmation from the 4H chart, too.

Here is a potential scenario that could confirm a bearish scenario:

A higher high leading to a reversal is a very likely scenario.

Here is a likely continuation scenario:

I will be careful and watch for either one or the other scenario.

In the meantime, I will be patiently waiting.

Don’t forget that patience always pays back!

Happy trading,

Colibri Trader


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