EURGBP Forex cross pair sell opportunity is playing out in a clear weekly and daily downtrend creating new supply zones on the way down. Weekly supply zone around 0.897 is in control, price dropping very fast once that imbalance was reached a few weeks ago. This short trade was mentioned a few days ago in a an updated EURGBP supply and demand analysis HERE
We can’t and should not go long when a bigger timeframe supply level has gained control. As mentioned in previous analyses and video analyses (updated more frequently in the trading community), we had a short bias on EURGBP forex cross pair, looking to go short at new daily supply zones. Last two daily supply zones have had a strong imbalance created and playing out for now quite nicely.
There is a clear downtrend, no longs are allowed on EURGBP, only shorts with the bigger picture downtrend on this Forex cross pair. We don’t need any indicators in order to plan a trade, just pure supply and demand imbalances.
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