From the weekly point of view, price bounce to the upside aggressively after rejected the strong weekly support area as shown on the chart. Then from the daily point of view, price break above the strong resistance level, if this level will become potential support, then we can see further upside to the next resistance level.
From the institutional's point of view, they are bullish bias on both EUR and GBP, but EUR seems stronger than GBP from the longer term of view. In the new data, more long positions were increased on EUR, which is around 2.3k. while more short positions were closed on GBP but still don't have any proper adding on GBP. In this case, EURGBP will push to the upside.
The proper way to approaching pairs should be waiting the price retrace to the 32.8/50 of FIB level since this two-level is aligning with the potential support area. If this area will some rejections, then only allow to us to find the long opportunity inside of this area. Otherwise, price can create a fake breakout on the daily perspective and continue to move to the downside.
The result might not follow my analysis, this analysis is based on the technical and COT perspective.
Comment down below let me know your view on EURGBP.
From the institutional's point of view, they are bullish bias on both EUR and GBP, but EUR seems stronger than GBP from the longer term of view. In the new data, more long positions were increased on EUR, which is around 2.3k. while more short positions were closed on GBP but still don't have any proper adding on GBP. In this case, EURGBP will push to the upside.
The proper way to approaching pairs should be waiting the price retrace to the 32.8/50 of FIB level since this two-level is aligning with the potential support area. If this area will some rejections, then only allow to us to find the long opportunity inside of this area. Otherwise, price can create a fake breakout on the daily perspective and continue to move to the downside.
The result might not follow my analysis, this analysis is based on the technical and COT perspective.
Comment down below let me know your view on EURGBP.