GBP/USD POC Zone is 1.2250-75

January 19, 2017 13:27

The spike that was caused after Theresa May's conference was successfully faded as we predicted in the previous GBP/USD coverage. However it has been clear that 1.2250 is very important support and that it needs to break for further bearish continuation. However if GBP/USD keeps above 1.2250-75 (Bullish order block, H3 weekly camarilla, 50.0 fib, EMA89) we might see an extension towards 1.2412 and 1.2480. 1.2300 is support now and the break of support might retest the POC zone. However if 1.2250 breaks to the downside we might see 1.2200 followed by 1.2150.

Currently the pair is showing an emerging Ascending Scallop pattern around 1.2300 level which further established 1.2300 as interim support.

Follow @TarantulaFX on twitter for latest market updates

Avatar-Admirals
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.