Good Day traders !! For this pair we are at the 5 impulsive wave to the downside. WE also have a very strong level of resistance in confluence with the 0.5 Fib level which makes it even stronger and hard to break. Also on the daylight timeframe we have a formation of an "M" formation and we would like to see the pattern completed before seeing any kind of bullish move for the British pound.
From a COT perspective we are seeing the GBP bearish since we went from a 13705 net position to about 8000 net position and this is because of the massive number of short position that has been added from last week.
We have an extremely good RR on this pair and it"s ready to start it's move. Now if you enjoyed this analysis like and share. If you have a different opinion don't hesitate to comment as I would love to have more insights.
Trade safe !!!
From a COT perspective we are seeing the GBP bearish since we went from a 13705 net position to about 8000 net position and this is because of the massive number of short position that has been added from last week.
We have an extremely good RR on this pair and it"s ready to start it's move. Now if you enjoyed this analysis like and share. If you have a different opinion don't hesitate to comment as I would love to have more insights.
Trade safe !!!
Trade closed: stop reached
