In the GBPAUD scenario for the first week of May, we have assessments across different factors impacting the GBP/AUD currency pair. Here's a breakdown:
1. Scorecard Analysis:
Bullish sentiment for GBP and AUD individually but neutral for the GBPAUD pair.
2. COT-FLIP (Commitment of Traders - Financial Instrument Price) indicates bearish for GBP, bullish for AUD, and bearish for GBPAUD.
3. Seasonal trends are bearish for GBP and AUD individually but neutral for GBPAUD.
4. Commodity analysis suggests bullish for GBP and bearish for AUD.
5. Conditional factors are bearish for GBP, bullish for AUD, and bearish for GBPAUD.
6. Fundamentals analysis (LEI, ENDO, EXO) all indicate a bearish outlook.
7. Technical Analysis:
The trend is bearish.
No diversions noted.
No continuation, reversal patterns, or harmonic patterns were identified.
Overall Assessment:
Based on the aggregation of the above analyses, the overall outlook is bearish for GBP, bullish for AUD, and bearish for the GBPAUD pair.
In this scenario, despite individual bullish sentiments for GBP and AUD in certain analyses, the overall assessment remains bearish for GBP, primarily due to bearish fundamentals and technical indicators. AUD appears bullish overall. However, the GBPAUD pair is forecasted to remain bearish, influenced by various factors including COT-FLIP data, seasonal trends, and conditional factors.
ENTRY POINTS
ENTRY 1 can be taken of fvg with STOP LOSS on lower high
ENTRY 2 can be taken of order block with STOP LOSS on lower high