GBPUSD
From the weekly point of views, the price is inside the stong structure area right now and this area is correlated with the daily structure. Moreover, 0.382 and 0.5 FIB level also correlated with this area, if the price will not break below this structure, further upside is expected to complete the bullish ABC pattern from the weekly perspective.
From the hedge funds' point of view, they are bearish bias on GBP on the longer-term perspectives. But in the today new report, their interests may shift to the bullish bias on GBP, because in the new report, around 1.9k of long positions added and 10k of short positions are closed on GBP. During GBP push to the downside, massive of short closed and long added, implies they are actually accumulating their long positions in order to buy at the lower price.
The proper way to approaching this pair is to wait for the clear rejection inside this area, then only can looking for the long opportunity. Buying at the current price is not a good way, because higher timeframe doesn't show any clear rejection, the price can continue push to the downside.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on GBPUSD .
From the hedge funds' point of view, they are bearish bias on GBP on the longer-term perspectives. But in the today new report, their interests may shift to the bullish bias on GBP, because in the new report, around 1.9k of long positions added and 10k of short positions are closed on GBP. During GBP push to the downside, massive of short closed and long added, implies they are actually accumulating their long positions in order to buy at the lower price.
The proper way to approaching this pair is to wait for the clear rejection inside this area, then only can looking for the long opportunity. Buying at the current price is not a good way, because higher timeframe doesn't show any clear rejection, the price can continue push to the downside.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on GBPUSD .
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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.
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.