GBPUSD Breakdown Analysis

The Pound retraced nicely to the 62% / 70.5% Fibonacci Retracement zone, with the daily candle tapping liquidity just above the 70.5% Fib retracement. COT reports shows lots of long positions being closed in the market and big amount of short positions being opened against the Pound, suggesting a push to the downside. Drill down to the lower timeframes to get a nice short position.