- Strong bearish signals where if we enter with a lots of confluences and high probability setup, then we could see that bears will heavily take control of this pair.
- There are two possible setups which I can see could potentially be very good entry points to enter this pair.
-The first set up will be to enter on the the reversal of the 23.6% fib level which in confluence with the supply zone.
-If the first setup is unsuccessful then the second set up should be aimed at looking to enter the reversal at the 50.0% fib level which is also in another confluence with my other supply zone.
- Another confluence is the 50EMA which is above price which indicates that GBPUSD is currently in a downtrend and we should only be looking for short positions.
- Looking at the COT report, shows that an average of 57% of large short positions of non commercial institutions been placed for the GBP whilst on the other hand 67% of non commercial institutions have added long positions for the US Dollar. This indicates that we could see GBP getting weaker whereas US Dollar is getting stronger and this is another confluence to go short on GBPUSD.
-We should be looking for a strong bearish candle as confirmation to enter this pair depending on price reacts to the two levels I have mentioned.
Please make sure to follow, like and comment your ideas/opinions on the GBPUSD.
Have a good trading week!
- There are two possible setups which I can see could potentially be very good entry points to enter this pair.
-The first set up will be to enter on the the reversal of the 23.6% fib level which in confluence with the supply zone.
-If the first setup is unsuccessful then the second set up should be aimed at looking to enter the reversal at the 50.0% fib level which is also in another confluence with my other supply zone.
- Another confluence is the 50EMA which is above price which indicates that GBPUSD is currently in a downtrend and we should only be looking for short positions.
- Looking at the COT report, shows that an average of 57% of large short positions of non commercial institutions been placed for the GBP whilst on the other hand 67% of non commercial institutions have added long positions for the US Dollar. This indicates that we could see GBP getting weaker whereas US Dollar is getting stronger and this is another confluence to go short on GBPUSD.
-We should be looking for a strong bearish candle as confirmation to enter this pair depending on price reacts to the two levels I have mentioned.
Please make sure to follow, like and comment your ideas/opinions on the GBPUSD.
Have a good trading week!