GBPUSD
From the weekly point of view, we may have the completion of Elliot Correction Waves pattern if the price will show some rejection on the weekly support, and this support is correlated with daily support as highlighted on the chart.
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 on the daily/weekly support zone, then we only can look for the long opportunity and the target will be the first resistance on a daily timeframe. If the price will able to break above this resistance, a further upside might appear.
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 on the daily/weekly support zone, then we only can look for the long opportunity and the target will be the first resistance on a daily timeframe. If the price will able to break above this resistance, a further upside might appear.
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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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.