From the daily perspective, the price already reaches the daily support area and expects a big push to the upside from here.
Because from the COT perspective, the hedge fund has a strong bullish bias on the EUR and strong bearish bias on GBP. Because the last week, GBP kept pushing to the upside is because they are closing a lot of short positions on GBP instead of adding long on it, so we can expect GBP to become weaker.
It is best for us to monitor the 4h price action inside the daily support area, if the price break above the daily support, I will be waiting for the retest on daily support before going for long, otherwise, the price may continue to push to the downside.
Remember, always reacting 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, the hedge fund has a strong bullish bias on the EUR and strong bearish bias on GBP. Because the last week, GBP kept pushing to the upside is because they are closing a lot of short positions on GBP instead of adding long on it, so we can expect GBP to become weaker.
It is best for us to monitor the 4h price action inside the daily support area, if the price break above the daily support, I will be waiting for the retest on daily support before going for long, otherwise, the price may continue to push to the downside.
Remember, always reacting 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.