GBPUSD
This past Tuesday the COT reports show the pound being shorted even especially on the non-commercial side which is large hedge funds and big banks like Chase, Bank of America, Citi bank, etc
banks sell when prices tend to rise because of the nature that they must enter the trade. banks start to sell to start to lower the price but it takes time to make the peak of price.
we are in a rising wedge which is a great sign of a bearish fall soon but it's the question of when? it could be soon or since the wedge pattern could go higher it could be at the 1.38 level which I feel is likey, because
1) big banks want to fake out the retail traders
2) the fib extension could still go higher
3) the wedge pattern is knowing to have false breakouts and its a round number higher
4) the 200 ema is also at the 1.38 level
it's best to wait till then and get in at the 1.38 where fib 61.8%,200ema, wedge pattern break, and the rsi will sell, macd cross and fundamentals makes sense
sounds crazy but it makes perfect sense
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