GBPUSD
From the daily perspective, price rejected the strong structure area and push to the downside last week, and this push to the downside might continue in the next week.
Because from the COT perspective, hedge funds are still bearish bias on GBP, from the longer-term perspective, the net positions have become weaker and weaker. The total of short positions (54k) is greater than the total of long positions (35k), and they were added another 9.5k of short positions in the latest week. In this case, we may see GBP become weaker, and GBPUSD will push to the downside.
The proper way to approaching this pair should be waiting for the daily price break and close below the daily lower low. If the price manages to do it and retest the previous lower low, then I will switch to 4H to monitoring the short confirmation, if there have shown one of the valid rules of me, I will take a nice short on GU with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
Because from the COT perspective, hedge funds are still bearish bias on GBP, from the longer-term perspective, the net positions have become weaker and weaker. The total of short positions (54k) is greater than the total of long positions (35k), and they were added another 9.5k of short positions in the latest week. In this case, we may see GBP become weaker, and GBPUSD will push to the downside.
The proper way to approaching this pair should be waiting for the daily price break and close below the daily lower low. If the price manages to do it and retest the previous lower low, then I will switch to 4H to monitoring the short confirmation, if there have shown one of the valid rules of me, I will take a nice short on GU with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
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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.