GBP/USD Set Up for next Week Opening (4H) M FORMATION
GBP/USD is making a move to the downside after testing a Monthly/Weekly Resistance Area.
Bearish Order Blocks/Resistance confirming a strong seller presence after the large move to upside last week.
With a Break in previous structure and retest of previous support turned into resistance.
The probability of GBP/USD to go down to complete the M formation is high.
We will wait and monitor price action for entry confirmation. On 4h and 15m up on Sydney open
COT DATA
NON-COMMERCIAL | COMMERCIAL | TOTAL | NON REPORTABLE POSITIONS
--------------------------|-----------------|-----------------|-----------------
LONG | SHORT |SPREADS | LONG | SHORT | LONG | SHORT | LONG | SHORT
(CONTRACTS OF GBP 62,500) OPEN INTEREST: 146,356
COMMITMENTS
39,836 41,836 2,867 80,189 75,863 122,892 120,566 23,464 25,790
CHANGES FROM 10/13/20 (CHANGE IN OPEN INTEREST: -1,923)
3,641 -4,161 1,687 -2,976 3,125 2,352 651 -4,275 -2,574
COT DATA shows Large specs (NON-COMMERCIAL) opened 3,641 Longs and closed 4161 Shorts, however Net positioning % is overall (-) negative
COT DATA shows Commercials have closed 2,976 Long Positions and opend 3,125 Short Positions, however the net positioning % is overall (+)
From a Commitment of Traders perspective more long orders were closed by Banks and Institutions, and Short orders were opened, while Large Speculators are making similar moves but keeping with their previous bearish sentiment.
NOTE*** We trade reactively to the market and do not predict price's movements!***
Bearish Order Blocks/Resistance confirming a strong seller presence after the large move to upside last week.
With a Break in previous structure and retest of previous support turned into resistance.
The probability of GBP/USD to go down to complete the M formation is high.
We will wait and monitor price action for entry confirmation. On 4h and 15m up on Sydney open
COT DATA
NON-COMMERCIAL | COMMERCIAL | TOTAL | NON REPORTABLE POSITIONS
--------------------------|-----------------|-----------------|-----------------
LONG | SHORT |SPREADS | LONG | SHORT | LONG | SHORT | LONG | SHORT
(CONTRACTS OF GBP 62,500) OPEN INTEREST: 146,356
COMMITMENTS
39,836 41,836 2,867 80,189 75,863 122,892 120,566 23,464 25,790
CHANGES FROM 10/13/20 (CHANGE IN OPEN INTEREST: -1,923)
3,641 -4,161 1,687 -2,976 3,125 2,352 651 -4,275 -2,574
COT DATA shows Large specs (NON-COMMERCIAL) opened 3,641 Longs and closed 4161 Shorts, however Net positioning % is overall (-) negative
COT DATA shows Commercials have closed 2,976 Long Positions and opend 3,125 Short Positions, however the net positioning % is overall (+)
From a Commitment of Traders perspective more long orders were closed by Banks and Institutions, and Short orders were opened, while Large Speculators are making similar moves but keeping with their previous bearish sentiment.
NOTE*** We trade reactively to the market and do not predict price's movements!***
Coach J