- Institutional actions preceed price in past 2 years - COT is inverted to better show correlation between shorts and price - 2021 was consolidation phase where institutions accumulated shorts - First 9 months of 2022 was mark down phase - Driving price to a level where shorts could be distributed with a healthy profit - Last quarter of 2022 was profit-taking phase where shorts were rapidly unwound - Short positions is back at levels of begin 2021 - Wait for institutions to kick off a new campaign - Seasonally begin of year is not trending for GBPUSD