By Admiral Markets
The GBP/USD spiked during early trading hours, and despite the holiday markets we see volatility in the GBP/USD pair. At this point, we can see a bullish zig-zag pattern trying to close above the D H3 level with a bullish candle. A dip towards POC zone (W L3, D L3, ATR projection low, EMA89, bullish order block)1.3450-3470 could spike the price up towards 1.3550 again but also watch out for a 4h candle close above 1.3540. Strong momentum above 1.3540 might lead the pair to 1.3570, 1.3586 and 1.3623.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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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)
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Article by Admiral Markets
Source: GBP/USD Strong Zig-Zag Bullish Pattern Points to the Upside
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