GBPUSD for FX:GBPUSD by JackyTong96

From the Technical Perspective:

1. From the Monthly and Weekly perspective, GBP/USD is showing a bullish market, will expect a continuation to the upside.

2. From the Daily perspective, GBP/USD created an impulse to the upside with a proper retracement, we can expect another impulse to the upside, to complete the Elliot Waves 123 Pattern.

3. Overall direction from the Multi-Timeframe Analysis: BULLISH

From the Fundamental Perspective:

1. Hedge fund, and institutional are very bullish on the GBP.

2. In the new report, 12k of the long positions added on the GBP, with 4.3k of the short position added on the GBP. Overall bringing the net position to 28k from the 19k.

Implication: During GBP move to the upside, long and the short positions added on the same time, which means they are already accumulation their short position during move to the upside. We can interpret as GBP will going down in the future. But, short term upside is expected as I said in the technical part.

How to approach GBP/USD?

1. We can looking for the potential long opportunity on the lower timeframe, if your rules of the strategy are fulfilled.

The result might not follow my analysis, this analysis is based on the TA & FA perspectives.

Comment down below let me know your view on GBP/USD or which pairs you would like to me analyze in the future.

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