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.
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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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