GBPUSD

Expecting this pair to fall bearish overall - with 54% of retail traders long. We have just reached the daily supply zone with some exhaustion and already looking for a slight pullback (Daily) then, whilst looking at the DXY, it is starting to form a nice wedge structure between two Gann levels on higher timeframes. We are expecting a little more downside DXY and then a push back north from the lower level (see below)

COT data shows that Hedge funds have added more shorts this week to the pair & Institutional money (long slow) are long the DXY.



Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stock, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.