GBPUSD Breakdown Analysis

Looking at GBPUSD, we see se daily closing with a Bearish Engulfing Candle which may indicate the end of a pull back on the daily and the start of more bearish movement on the GBPUSD. We might also see a pull back on the hourly to the 62% Fibonacci retracement of there is signs of reversal on the hourly the beginning of this coming week, so keep an eye on this one on the lower timeframes as well. COT reports show a extreme low for the pound on net positions and with a extreme low we anticipate a swing in the market to the upside.