From the COT perspective, hedge fund has been adding a lot of short positions in GBP from last few weeks which means GBP is getting weaker now. Also, the data of USD is getting stronger in COT report. Thus, we foresee GBPUSD will be pushed to the downside.
The price has broken through the Daily trend line and there is a potential W-formation forming in Daily time frame. Thus, we foresee the price will have a retracement first then be pushed to the downside to reach the neckline of the W-formation.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.
The price has broken through the Daily trend line and there is a potential W-formation forming in Daily time frame. Thus, we foresee the price will have a retracement first then be pushed to the downside to reach the neckline of the W-formation.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.