Good day Traders !
For this pair we have a "W" formation in the Monthly timeframe ad well as a double top forming. We expect the price to drop to the neckline and also to correct the previous impulsive move.
Going down to the weekly timeframe we have an overextended W formation as well and the neckline of this weekly is in confluence with the Monthly neckline which is considered as a potential target.
Going down on the daily timeframe we have an huge impulse and we expect to see a correction very soon at least to the 0.618 FIB level.
From an institutional perspective we can see that institutions added a massive amount of short position last week on GBP which can explain and support our bearish idea !
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas.
Trade Safe !!
For this pair we have a "W" formation in the Monthly timeframe ad well as a double top forming. We expect the price to drop to the neckline and also to correct the previous impulsive move.
Going down to the weekly timeframe we have an overextended W formation as well and the neckline of this weekly is in confluence with the Monthly neckline which is considered as a potential target.
Going down on the daily timeframe we have an huge impulse and we expect to see a correction very soon at least to the 0.618 FIB level.
From an institutional perspective we can see that institutions added a massive amount of short position last week on GBP which can explain and support our bearish idea !
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas.
Trade Safe !!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.