By Admiral Markets
Sources: GBPUSD Daily Data Range 12 June 2018 – 10 Aug 2018 / GBPUSD Weekly Data Range Dec 2015 – Jul 2018 / Admiral Markets MT5 with MT5SE Add-on
The GBP/USD has formed a bullish divergence exactly near the M L5 bottom. 1.2710-40 is the zone where the correction could start. If 1.2700 holds the price might retrace to 1.2844 and 1.2900. Break above 1.2923 should target 1.3000 and 1.3052. However a drop bekow 1.2700 will pressure the pair further, leading towards lower pivotal zones 1.2687 and 1.2609.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: GBP/USD Could Initiate a Bigger Correction
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
