The GBP/USD pair is currently retesting a previous strong supply area, with the price in an overbought condition. This situation presents a compelling opportunity for a bearish position for several reasons:
1. Overbought Condition: The price has reached an overbought level, suggesting that a reversal or pullback could be imminent as buyers may be exhausted and sellers could step in to take control.
2. Commercial Traders' Bearish Positions: Commercial traders, who are typically considered the "smart money" due to their significant market influence and insider knowledge, are currently holding bearish positions. This indicates a strong expectation of downward movement in the GBP/USD pair.
3. Retail Traders' Long Positions: Retail traders, who are often on the wrong side of the market, are still predominantly long. This contrast between commercial and retail traders' positions can serve as a contrarian indicator, reinforcing the bearish outlook.
Considering these factors, we are looking to enter a bearish position on the GBP/USD pair. The retest of the strong supply area, combined with the overbought condition and the positioning of commercial and retail traders, provides a solid foundation for anticipating a potential decline in the pair's price.
✅ Please share your thoughts about GBP/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
1. Overbought Condition: The price has reached an overbought level, suggesting that a reversal or pullback could be imminent as buyers may be exhausted and sellers could step in to take control.
2. Commercial Traders' Bearish Positions: Commercial traders, who are typically considered the "smart money" due to their significant market influence and insider knowledge, are currently holding bearish positions. This indicates a strong expectation of downward movement in the GBP/USD pair.
3. Retail Traders' Long Positions: Retail traders, who are often on the wrong side of the market, are still predominantly long. This contrast between commercial and retail traders' positions can serve as a contrarian indicator, reinforcing the bearish outlook.
Considering these factors, we are looking to enter a bearish position on the GBP/USD pair. The retest of the strong supply area, combined with the overbought condition and the positioning of commercial and retail traders, provides a solid foundation for anticipating a potential decline in the pair's price.
✅ Please share your thoughts about GBP/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
Trade active
Trade closed: target reached
✅ Closing 50% Position and Move SL to BreakevenTrade active
✅ Waiting for TP2 and Set a potential Trade for a Reversal.Trade active
✅ Closed 50% and Move SL to breakeven. Close at your discretion.Trade closed: target reached
✅ Close 100%
✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: instagram.com/forexn1_com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.