From the technical view:
1. From the weekly point of view, price moving to the upside aggressively without any retracement and created an overextended W pattern we can expect the deeper retracement to the middle of the W pattern, as shown as the weekly target.
2. From the daily perspective, we have the same view with the weekly perspective, we can also expect the deeper retracement on the daily timeframe and retrace to at leat 32.8 FIB level, as shown as the daily target.
From the fundamental view:
1. Big players are bearish bias on GBP in the long term but bullish bias in short term
2. In the new report, more long positions were added and more short positions were closed, around 6.6k long added and 4.4k short closed. Net position from -25k becomes -14k at the moment. So, we can expect the continuation to the upside on the GBPUSD after the retracement complete. Because the market never moves in straightway but always move in waves
How to approach GBPUSD?
1. Waiting for the clear breakout on the daily perspective, then we have a clear support level to resistance level pattern. If the price do so, switch to the lower timeframe looking for the short opportunity and targeting daily/weekly target.
2. Since the GBP will continue bullish in the short term, it can just retrace to the daily target and continue to move to the upside, so the daily target is more conservative, while the weekly target is more aggressive.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GBPUSD or which pairs you would like to me analyze in the future.
1. From the weekly point of view, price moving to the upside aggressively without any retracement and created an overextended W pattern we can expect the deeper retracement to the middle of the W pattern, as shown as the weekly target.
2. From the daily perspective, we have the same view with the weekly perspective, we can also expect the deeper retracement on the daily timeframe and retrace to at leat 32.8 FIB level, as shown as the daily target.
From the fundamental view:
1. Big players are bearish bias on GBP in the long term but bullish bias in short term
2. In the new report, more long positions were added and more short positions were closed, around 6.6k long added and 4.4k short closed. Net position from -25k becomes -14k at the moment. So, we can expect the continuation to the upside on the GBPUSD after the retracement complete. Because the market never moves in straightway but always move in waves
How to approach GBPUSD?
1. Waiting for the clear breakout on the daily perspective, then we have a clear support level to resistance level pattern. If the price do so, switch to the lower timeframe looking for the short opportunity and targeting daily/weekly target.
2. Since the GBP will continue bullish in the short term, it can just retrace to the daily target and continue to move to the upside, so the daily target is more conservative, while the weekly target is more aggressive.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GBPUSD or which pairs you would like to me analyze in the future.