Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have an overextended "W" Formation and we retested the neckline and aggressively rejected it.
Weekly : We do have a rising Wedge and we just broke above the upper trendline and retested it and we are ready to continue to the upside.
Daily : We have a retracement that was rejected by the last Fib level and we expect the price to rise again for a potential long opportunity.
COT : Institution have been longing GBP massively since we went from 9600 Net positions to over 30000 Net positions during the last Month and previous reports.
We also looking at a strong USD since we have a bullish DXY and institutions have been adding long on the $ index during the previous weeks.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Monthly : We have an overextended "W" Formation and we retested the neckline and aggressively rejected it.
Weekly : We do have a rising Wedge and we just broke above the upper trendline and retested it and we are ready to continue to the upside.
Daily : We have a retracement that was rejected by the last Fib level and we expect the price to rise again for a potential long opportunity.
COT : Institution have been longing GBP massively since we went from 9600 Net positions to over 30000 Net positions during the last Month and previous reports.
We also looking at a strong USD since we have a bullish DXY and institutions have been adding long on the $ index during the previous weeks.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!