From the Technical Views:
1. From the weekly point of view, the price reached the major weekly resistance level and we can expect a deeper retracement from this level at the moment.
2. Also, from the daily point of view, GBPUSD created a W pattern, we can expect a deeper retracement to the middle of the W pattern, we can find a short opportunity and target the middle of the W pattern. And this target is correlated with the 0.618 FIB level, price may retest to this zone before moving to the upside/ further downside.
From the Institutional's Views:
1. Bearish bias on GBP in the longer term of view, but bullish bias in the short term.
2. In the new data, 3.5k of long positions were added on GBP, and 4.5k of short positions were added on GBP, meaning that they are starting to shorting GBP, so we can expect some weakness arise on GBP and moving toward to the downside as we want to see it from the daily's views.
How to approach GBPUSD?
1. Waiting for the market shift to the bearish environment in the lower timeframe, then only can looking for a short opportunity.
2. Just shorting at the current price is not a good idea, because overall is extremely bullish on the lower timeframe, the price may break the weekly resistance and moving to the upside since big players are still bullish on the GBP in the short term.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on GBPUSD or which pairs you would like to me analyze in the future.
1. From the weekly point of view, the price reached the major weekly resistance level and we can expect a deeper retracement from this level at the moment.
2. Also, from the daily point of view, GBPUSD created a W pattern, we can expect a deeper retracement to the middle of the W pattern, we can find a short opportunity and target the middle of the W pattern. And this target is correlated with the 0.618 FIB level, price may retest to this zone before moving to the upside/ further downside.
From the Institutional's Views:
1. Bearish bias on GBP in the longer term of view, but bullish bias in the short term.
2. In the new data, 3.5k of long positions were added on GBP, and 4.5k of short positions were added on GBP, meaning that they are starting to shorting GBP, so we can expect some weakness arise on GBP and moving toward to the downside as we want to see it from the daily's views.
How to approach GBPUSD?
1. Waiting for the market shift to the bearish environment in the lower timeframe, then only can looking for a short opportunity.
2. Just shorting at the current price is not a good idea, because overall is extremely bullish on the lower timeframe, the price may break the weekly resistance and moving to the upside since big players are still bullish on the GBP in the short term.
The result might not follow my analysis, this analysis is based on the TA & COT perspectives.
Comment down below let me know your view on GBPUSD or which pairs you would like to me analyze in the future.