GBPUSD Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of GBPUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price is respecting downward trend-line as resistance. It reached monthly resistance coinciding with the trend-line, got rejected and moved to the downside. We saw a W pattern, its neck also coincided with 0.618 Fib level on last bullish impulse, however price retraced to the upside failing to test the neck.
W > We saw an M formation and expected price to move up to test its neck and complete the pattern. Price moved up till 0.5 Fib level on last bearish impulse. We now expect price to continue with downward move to test neck of W formation, it can continue to drop further till -0.272 Fib level which also coincides with weekly demand zone.
D > Price moved up to complete M formation creating HH abd HL in a rising channel. After testing neck price dropped but could not break its last HL and moved up facing rejection at daily demand zone. Price is now testing supply zone created by neck of M formation.
As per COT GBP saw addition of Long and closure of Short positions further improving net positions though still in -ve. BXY however weakened during the said week and ended last week in a Doji after strong buying pressure during start of the week.
We must note that in month of June and July BXY made all bullish move while having negative net positions, this ride was because of weak DXY and not due to strength of BXY . Hence we expect a realtime correction to the downside soon.
4H > We will monitor price action at current supply zone for breakout. For bearish breakout we already have two targets, for a bullish breakout we expect price to rise up till next daily supply zone and face rejection to the downside.
Pair Correlation > GBPUSD has positive correlation with GBPJPY, GBPCHF and GBPCAD and negative correlation with EURGBP.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of GBPUSD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Price is respecting downward trend-line as resistance. It reached monthly resistance coinciding with the trend-line, got rejected and moved to the downside. We saw a W pattern, its neck also coincided with 0.618 Fib level on last bullish impulse, however price retraced to the upside failing to test the neck.
W > We saw an M formation and expected price to move up to test its neck and complete the pattern. Price moved up till 0.5 Fib level on last bearish impulse. We now expect price to continue with downward move to test neck of W formation, it can continue to drop further till -0.272 Fib level which also coincides with weekly demand zone.
D > Price moved up to complete M formation creating HH abd HL in a rising channel. After testing neck price dropped but could not break its last HL and moved up facing rejection at daily demand zone. Price is now testing supply zone created by neck of M formation.
As per COT GBP saw addition of Long and closure of Short positions further improving net positions though still in -ve. BXY however weakened during the said week and ended last week in a Doji after strong buying pressure during start of the week.
We must note that in month of June and July BXY made all bullish move while having negative net positions, this ride was because of weak DXY and not due to strength of BXY . Hence we expect a realtime correction to the downside soon.
4H > We will monitor price action at current supply zone for breakout. For bearish breakout we already have two targets, for a bullish breakout we expect price to rise up till next daily supply zone and face rejection to the downside.
Pair Correlation > GBPUSD has positive correlation with GBPJPY, GBPCHF and GBPCAD and negative correlation with EURGBP.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
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