By Admiral Markets
The GBP/USD is currently undergoing a technical retracement and we can see the POC zone lurking below L3 camarilla weekly pivot. In the case of further intra day retracement traders should pay attention to POC zone 1.2440-1.2465 (61.8, L3, ATR low, inner trend line, bullish order block). The POC zone is wider due to higher ATR. Rejections might target 1.2520 and 1.2600. A strong 1h momentum or 4h close above 1.2600 should target 1.2710 resistance. Have in mind that this bullish scenario persists as long as 1.2375 holds its ground.
Follow @TarantulaFX on twitter for latest market updates
Article by Admiral Markets
Source: GBP/USD Uptrend Still Intact
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
