From a TOP DOWN ANALYSIS, price was strongly rejected by a monthly resistance. ON the weekly it all makes sense because, we after breaking a resistance, it is coming back to test to resistance which might turn into support. And that area is a really a good area, because it is aligning between the 61.8 and 78.6 fib, with price currently rejecting at the 61.8 Fibonacci. Coming back on the daily TF, we saw that price has created a M formation. And as we speak price is at the 61.8 weekly fib, which also confluence with a daily support. And finally, the last candle was a bullish candle with a long upper wick. This is a pattern that usually comes often. We will expect the next candle to be bullish and then try to fill in the wick
Fundamentally speaking, Big institution according to the latest COT report are buy GBP( they open 4K Longs) and are hugely shorting the CAD (Closing 12K longs).. In order sens they are buying this pair. So everything is matching together. We are going to monitor the 4H time frame and see if we are going to see any pattern, or a change of trend from Bearish to bullish. If if yes, we might be taking the Long on this pair, and grabbing for about 100Pips.
Fundamentally speaking, Big institution according to the latest COT report are buy GBP( they open 4K Longs) and are hugely shorting the CAD (Closing 12K longs).. In order sens they are buying this pair. So everything is matching together. We are going to monitor the 4H time frame and see if we are going to see any pattern, or a change of trend from Bearish to bullish. If if yes, we might be taking the Long on this pair, and grabbing for about 100Pips.