Good day Traders !
For this pair we have a "W" formation in the Monthly timeframe ad well as a double top forming. We expect the price to drop to the neckline and also to correct the previous impulsive move.
Going down to the weekly timeframe we have an overextended W formation as well and the neckline of this weekly is in confluence with the Monthly neckline which is considered as a potential target.
Going down on the daily timeframe we have an huge impulse and we expect to see a correction very soon at least to the 0.618 FIB level.
From an institutional perspective we can see that institutions added a massive amount of short position last week on GBP which can explain and support our bearish idea !
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas.
Trade Safe !!
For this pair we have a "W" formation in the Monthly timeframe ad well as a double top forming. We expect the price to drop to the neckline and also to correct the previous impulsive move.
Going down to the weekly timeframe we have an overextended W formation as well and the neckline of this weekly is in confluence with the Monthly neckline which is considered as a potential target.
Going down on the daily timeframe we have an huge impulse and we expect to see a correction very soon at least to the 0.618 FIB level.
From an institutional perspective we can see that institutions added a massive amount of short position last week on GBP which can explain and support our bearish idea !
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas.
Trade Safe !!
