GBP/USD Congestion Zone 1.3866-1.3916

February 14, 2018 08:54

The GBP/USD has been consolidating within the 1.3866-1.3916 zone and we can see a clear congestion without any clear breakout to the upside. UK January CPI remained at 3.0% contrary to the 2.9 % forecast. Technically the price has been supported at 1.3866-76 and while the price bias remains bullish, the pair needs to make a strong 1h candle above 1.3920 in order to proceed further up. Clear break or 4h close above 1.3920 should target 1.3942, 1.3983 eventually reaching 1.4035 W H4 level. However a break below 1.3840 might go for a retest of 1.3799.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

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)

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)

Follow @TarantulaFX on twitter for latest market updates

Connect with Nenad Kerkez T on Facebook for latest market update

Admirals An all-in-one solution for spending, investing, and managing your money

More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money.