By Admiral Markets
The GBP/USD has formed a strong marubozu candle, retesting the 1.2980 zone. At this point we might see another bounce as the POC zone is just below the current price. Potential buyers are within the 1.2860-1.2885 zone, but make sure to pay attention to the 1.2905 zone too. First target of 1.2959, followed by 1.2980 and 1.3015. Only a 4H close above 1.3015 should target the 1.3073 zone. However, if 1.2850 is lost, bears might dominate, targeting around 1.2796.
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 – Monthly Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Monthly Camarilla Pivot (Daily Support)
D L4 – Monthly H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect the price to react – aka the 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 Bullish Above 1.2850
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