From the technical views:
1. From the daily perspectives, price break above the major resistance level , now we can expect the deeper retracement before the continuation to the upside since the potential support level is lining up with the 0.618 and 0.50 FIB level.
From the fundamental views:
1. Big players are bullish bias on the GBP in the short term.
2. In the new report, around 8.9k of the long positions and 8k of the short positions are closed on GBP, which means they start profit-taking and no interested to short the GBPUSD at the moment. So the profit-taking can interpret as the completion of the retracement of the daily perspectives before the continuation to the upside since they always buy low sell high.
How to approach GBPUSD?
1. Waiting for the market retrace to the potential support level , after that switch to the lower timeframe find the long opportunity if your rules of the strategy are fulfilled.
2. Just long at the current price is not a good idea, because you will be missing out your area of the value.
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 GBPUSD or which pairs you would like to me analyze in the future.
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