GBPUSD: Possible Weekly Top with Bearish Sentiment
Technical:
It doesn't seem so obvious that the GBPUSD daily bull trend is about to end; however, if we zoom out to the weekly chart, we see that a new weekly trend has yet to emerge.
Sentiment:
Also, sentiment analysis shows that large spec are still net short. Last week, longs relative to shorts tapered off, providing evidence that a continuation of the fall in GBPUSD is about to emerge. Shorts have added to their position in the British pound.
It is not just only a matter of time, but matter of "what will be that catalyst that ignites the US dollar to rally again?" This catalyst could show up on Thursday or Friday, August 3rd and 2nd of 2017, respectively; it is NFP week.
Fundamental:
Its been hard to read the UK from my point of view since the end of November 2016.
It doesn't seem so obvious that the GBPUSD daily bull trend is about to end; however, if we zoom out to the weekly chart, we see that a new weekly trend has yet to emerge.
Sentiment:
Also, sentiment analysis shows that large spec are still net short. Last week, longs relative to shorts tapered off, providing evidence that a continuation of the fall in GBPUSD is about to emerge. Shorts have added to their position in the British pound.
It is not just only a matter of time, but matter of "what will be that catalyst that ignites the US dollar to rally again?" This catalyst could show up on Thursday or Friday, August 3rd and 2nd of 2017, respectively; it is NFP week.
Fundamental:
Its been hard to read the UK from my point of view since the end of November 2016.
Comment:
Comment:
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.