GBPUSD Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of GBPUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
M > Price is respecting downward trend-line as resistance. It reached monthly resistance coinciding with the trend-line, got rejected and moved to the downside. We saw a W pattern, its neck also coincided with 0.618 Fib level on last bullish impulse, however price retraced to the upside failing to test the neck.
W > We saw an M formation and expected price to move up to test its neck and complete the pattern. Price moved up till 0.5 Fib level on last bearish impulse. We now expect price to continue with downward move to test neck of W formation, it can continue to drop further till -0.272 Fib level which also coincides with weekly demand zone.
D > Price moved up to complete M formation creating HH and HL in a rising channel. After testing neck of M price dropped breaking rising channel to the downside. Price dropped till daily demand zone, that also coincides with last LH, but faced rejection. We can expect a short term rise before price continues with bearish move.
As per COT GBP saw closure of both Long and Short, in effect reducing net positions. Even Commercials have closed both Long and Short reducing open interest to least in current year. BXY ended said week in a Doji after strong buying pressure during start of the week but it weakened last week. BXY is currently moving in a rising channel, price surged 2 weeks ago hit resistance and dropped near support of channel last week. We can expect slight upward move this week.
4H > Price dropped creating LH and LL and it have not broken last LH, we will wait for price to move up to test supply zone for Short entry or will wait for it to break demand zone and enter Short after it returns back to test the zone as resistance.
Pair Correlation > GBPUSD has positive correlation with GBPJPY, GBPCHF and GBPCAD and negative correlation with EURGBP.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 45 - Nov 02
M > Price is respecting downward trend-line as resistance. It reached monthly resistance coinciding with the trend-line, got rejected and moved to the downside. We saw a W pattern, its neck also coincided with 0.618 Fib level on last bullish impulse, however price retraced to the upside failing to test the neck.
W > We saw an M formation and expected price to move up to test its neck and complete the pattern. Price moved up till 0.5 Fib level on last bearish impulse. We now expect price to continue with downward move to test neck of W formation, it can continue to drop further till -0.272 Fib level which also coincides with weekly demand zone.
D > Price moved up to complete M formation creating HH and HL in a rising channel. After testing neck of M price dropped breaking rising channel to the downside. Price dropped till daily demand zone, that also coincides with last LH, but faced rejection. We can expect a short term rise before price continues with bearish move.
As per COT GBP saw closure of both Long and Short, in effect reducing net positions. Even Commercials have closed both Long and Short reducing open interest to least in current year. BXY ended said week in a Doji after strong buying pressure during start of the week but it weakened last week. BXY is currently moving in a rising channel, price surged 2 weeks ago hit resistance and dropped near support of channel last week. We can expect slight upward move this week.
4H > Price dropped creating LH and LL and it have not broken last LH, we will wait for price to move up to test supply zone for Short entry or will wait for it to break demand zone and enter Short after it returns back to test the zone as resistance.
Pair Correlation > GBPUSD has positive correlation with GBPJPY, GBPCHF and GBPCAD and negative correlation with EURGBP.
Thank You
AP17FX
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Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.