GBPUSD UPDATE
From the weekly point of view, we may have the completion of Elliot Correction Waves pattern on weekly timeframe, if there has show some rejection to us in the current support area. This weekly support area is correlated with the daily support area.
From the institutional' point of view, they were shited their bearish bias to bullish bias on the GBP. In today's new report, long positions added around 485, and 7.5k of shorts positions were closed. During GBP push to the downside, not because of short added but long added and short closed, this implied they are accumulating their long positions in order to buy at the lower price.
The proper way to approaching this pair is to wait for the rejection at the current support area to us, then we only can looking for long opportunities, and the first target will be the new daily resistance. If the price will able to break the new daily resistance, further upside is expected.
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 institutional' point of view, they were shited their bearish bias to bullish bias on the GBP. In today's new report, long positions added around 485, and 7.5k of shorts positions were closed. During GBP push to the downside, not because of short added but long added and short closed, this implied they are accumulating their long positions in order to buy at the lower price.
The proper way to approaching this pair is to wait for the rejection at the current support area to us, then we only can looking for long opportunities, and the first target will be the new daily resistance. If the price will able to break the new daily resistance, further upside is expected.
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.