Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : Double top , And we have a strong Monthly resistance
Weekly : "W" formation and we expect the market to retrace to the neckline
Daily : We are currently forming a "W" formation on this pair and we should expect a retracement to the neckline as well
COT : Institution have been shorting adding long and short position on GBP , however the number of long is more important than shorts but we saw quiet strong impulses for this pair with other currencies.
From an CAD perspective we are still looking at a strong CAD even though hedge funds Closed long positions , but if we look at the short positions closed they are more important an the net position went from 13770 net to 16100 net positions
4H: We have a strong area of resistance + supply either on the 4H and Daily timeframe.
MACD : we are in a bullish environment so we have to wait for the market to shift to a bearish market
EMAs: Cut for long for the moment , things could change in the next few hours.
EMA 200 : We are still above this EMA and could be considered as a dynamic support itself in case we decide to go lower to grab more liquidity.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Monthly : Double top , And we have a strong Monthly resistance
Weekly : "W" formation and we expect the market to retrace to the neckline
Daily : We are currently forming a "W" formation on this pair and we should expect a retracement to the neckline as well
COT : Institution have been shorting adding long and short position on GBP , however the number of long is more important than shorts but we saw quiet strong impulses for this pair with other currencies.
From an CAD perspective we are still looking at a strong CAD even though hedge funds Closed long positions , but if we look at the short positions closed they are more important an the net position went from 13770 net to 16100 net positions
4H: We have a strong area of resistance + supply either on the 4H and Daily timeframe.
MACD : we are in a bullish environment so we have to wait for the market to shift to a bearish market
EMAs: Cut for long for the moment , things could change in the next few hours.
EMA 200 : We are still above this EMA and could be considered as a dynamic support itself in case we decide to go lower to grab more liquidity.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!