Hello Traders,
Here is the Top-Down Analysis of GBPUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price reached monthly resistance, got rejected and moved to the downside. We saw a W pattern and price came down to test the neck and complete the pattern.
W > We can see an M formation and now expect price to move up to complete the formation.
D > Price dropped towards neck of W formation but pulled up few pips short of our target. We now expect price to move bullish to test neck of M formation.
As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week.
4H > Price is now testing previous support now turned resistance and expect it to continue with bullish move towards neck of M formation.
Pair Correlation > GBPUSD has positive correlation with GBPJPY, GBPCHF and GBPCAD and negative correlation with EURGBP.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price reached monthly resistance, got rejected and moved to the downside. We saw a W pattern and price came down to test the neck and complete the pattern.
W > We can see an M formation and now expect price to move up to complete the formation.
D > Price dropped towards neck of W formation but pulled up few pips short of our target. We now expect price to move bullish to test neck of M formation.
As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week.
4H > Price is now testing previous support now turned resistance and expect it to continue with bullish move towards neck of M formation.
Pair Correlation > GBPUSD has positive correlation with GBPJPY, GBPCHF and GBPCAD and negative correlation with EURGBP.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Trade closed: target reached
Target achieved. Please follow updated idea released early this week.
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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.