Pound Futures: 6B1 Area Tests Bearish Resolve
Pound Futures are approaching a critical weekly supply zone (6B1). Today's price action saw a touch and rejection of this level, marked by a bearish candlestick. This suggests a potential for a short-term pullback, and we're eyeing a re-entry opportunity at this level, watching for a drop to the next significant demand zone on our chart.
Further reinforcing the bearish outlook is an intriguing divergence in the Non-Commercial trader positions revealed in the latest Commitment of Traders (COT) report, noticeable on the daily chart. This divergence hints at a possible shift in sentiment, paving the way for a short position. Should the price successfully breach the 6B1 area, our chart indicates another supply zone as the next potential target.
✅ Please share your thoughts about 6B1! 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.
Pound Futures are approaching a critical weekly supply zone (6B1). Today's price action saw a touch and rejection of this level, marked by a bearish candlestick. This suggests a potential for a short-term pullback, and we're eyeing a re-entry opportunity at this level, watching for a drop to the next significant demand zone on our chart.
Further reinforcing the bearish outlook is an intriguing divergence in the Non-Commercial trader positions revealed in the latest Commitment of Traders (COT) report, noticeable on the daily chart. This divergence hints at a possible shift in sentiment, paving the way for a short position. Should the price successfully breach the 6B1 area, our chart indicates another supply zone as the next potential target.
✅ Please share your thoughts about 6B1! 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.
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✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🟪 Instagram: instagram.com/forexn1_com/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🟪 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.