Today, the GBP/USD futures approached an 8-hour supply zone, presenting a potential shorting opportunity. The price action indicates the beginning of a possible downtrend within this timeframe. Additionally, the latest COT report reveals that non-commercial traders are increasing their short positions, reinforcing the bearish outlook.
It will be crucial to review the upcoming COT report over the weekend for a clearer market perspective. However, based on current signals, the market may be poised for decline. Should this 8-hour supply zone be breached or ignored, another supply area lies just above, which could serve as an alternative resistance level to monitor.
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It will be crucial to review the upcoming COT report over the weekend for a clearer market perspective. However, based on current signals, the market may be poised for decline. Should this 8-hour supply zone be breached or ignored, another supply area lies just above, which could serve as an alternative resistance level to monitor.
✅ Please share your thoughts about 6B1! in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
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✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🟪 Instagram: instagram.com/forexn1_com/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🟪 Instagram: instagram.com/forexn1_com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.