Good Day traders !!! On this pair from a monthly perspective we are exactly at the neckline of the previous H&S pattern and we expect a strong level of rejection. Going down to the weekly we are looking at a "W" pattern and we want to see the price retest the previous resistance which should be turned support. On the daylight timeframe we have an impulse that should be normally followed by a correction at least to the 0.5 Fib level if we look at the power and length of the impulse. From a COT perspective we have a massive amount of short position opened on GBP during the last week if we refer to the last report.
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Now if you enjoyed this analysis smash that like button and share , If you have a different opinion I would love to hear more insights about what is your idea.
Trade safe !!!