By Admiral Markets
The GBP/USD has been consolidating between W H3 and W L3 Camarilla pivots. The consolidation is looking bullish at this moment as we can see the V shaped reversal pattern that has led to an overall positive momentum with a possible breakout to the upside. 1.2800 is the interim resistance, however 1.2825 needs to break in order for the price to remain bullish. Next targets are 1.2873, the confluence of order block and W H4. Positive momentum might also bring up the gap close within 1.2950 zone. However the price needs to stay above X cross of D L4 and a red trend line 1.2740. If it drops below it there is a scope for 1.2700-1.2680 retest. If that happens, the interim bullish momentum will be negated.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
Source: GBP/USD Bullish Consolidation Shaping Up
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