Based on the Commitments of Traders data reported on: July 16th'23
🔎📊 CFTC EXPERT ANALYSIS
🎩 Each week I will highlight a specific pair from the Araujo Report. The analysis will be a potion of what's made available to members.
GBPUSD: Institutional traders have a BULLISH SENTIMENT
Interest Rate: 5.25% (last change – August 3rd ‘23)Force of Price
FORCES | Monthly | Ranging | Weekly | Ranging |
Overview: Price rallied upwards right into the tested weekly supply and long positions were driven up to an all-time max size of 183k. Shorts are nto doing much at this time and for good reason, they haven’t played any important role in recent price action. We should expect some profit taking soon and a decline in price. This profit taking fueled a bit of a move lower but the recent move upwards is something we forecasted in a previous CFTC video analysis on YouTube. Will this chart drop, it’s likely and with banks needing to close off longs it becomes highly probable. I might open up a short soon. Will look for supply zones to base risk off of.
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