From the daily perspective, price already breaks below the daily support and expect a retest on it before it pushes to the downside.
From the COT perspective, hedge funds are bullish bias on JPY, shorts are getting closed and longs are adding and they are bearish bias on the GBP, overall the net position on GBP is decreasing, closing long and adding short, so I expect a further downside on GJ.
I will be monitoring the 4h price action inside the daily resistance if there has show any confirmation for me then I will take a short position on GJ with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are bullish bias on JPY, shorts are getting closed and longs are adding and they are bearish bias on the GBP, overall the net position on GBP is decreasing, closing long and adding short, so I expect a further downside on GJ.
I will be monitoring the 4h price action inside the daily resistance if there has show any confirmation for me then I will take a short position on GJ with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.