From the Technical Views:
1. From the weekly perspective, price is rejected from the weekly strong resistance area, we can expect a deeper retracement from this area.
2. From the daily perspective, price is formed a small W pattern, and we can expect a deeper retracement to this middle of the W pattern.
From the Institutional's views:
1. Overall bearish bias on GBP in the longer term of view.
2. But keep in mind, they are quite bullish on GBP in the short term view, more long positions were added, and the short positions were sligthly increased. In the new data, 5.4k of long added and 886 of short added.
Implication: During GBP move to the upside, short added but long remain added/open, implied that they still bullish on GBP, open more short positions is just for the creation of the retracement, a.k.a the downside target I just identified from the daily perspective.
How to approach GBPJPY?
1. Switch to the lower timeframe finds the short opportunity at the moment if you rule of the strategies is fulfilled.
2. Only the lower timeframe shows a valid entry, then only can go for short, otherwise, the market can continue to move to the upside. Since big players are still bullish bias on the GBP in the short-term of view.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on GBPJPY.
1. From the weekly perspective, price is rejected from the weekly strong resistance area, we can expect a deeper retracement from this area.
2. From the daily perspective, price is formed a small W pattern, and we can expect a deeper retracement to this middle of the W pattern.
From the Institutional's views:
1. Overall bearish bias on GBP in the longer term of view.
2. But keep in mind, they are quite bullish on GBP in the short term view, more long positions were added, and the short positions were sligthly increased. In the new data, 5.4k of long added and 886 of short added.
Implication: During GBP move to the upside, short added but long remain added/open, implied that they still bullish on GBP, open more short positions is just for the creation of the retracement, a.k.a the downside target I just identified from the daily perspective.
How to approach GBPJPY?
1. Switch to the lower timeframe finds the short opportunity at the moment if you rule of the strategies is fulfilled.
2. Only the lower timeframe shows a valid entry, then only can go for short, otherwise, the market can continue to move to the upside. Since big players are still bullish bias on the GBP in the short-term of view.
The result might not follow my analysis, this analysis is based on TA and COT perspectives.
Comment down below let me know your view on GBPJPY.