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GBP/USD Retracement in Uptrend

January 29, 2018 09:25

Source: Admiral Markets MT5

The GBP/USD is still in uptrend but at this point we see a retracement towards weekly camarilla levels. If the price drops at the POC zone, we might see a bounce towards W H1 - 1.4202. The POC zone ( W L3, ascending trend line, 78.6, historical buyers) 1.4023-1.4067 could show now moment buyers ant the price might bounce to 1.4202. The zone is wider due to much higher ATR in the previous week. Continuation of the uptrend is possible only if we see a clear close above 1.4202. Below 1.4200 the price could drop to 1.3966, 1.3916 and 1.3890. Have in mind that this is the intra week analysis.

W H1 -. Weekly Camarilla Pivot (Interim resistance - Weak)

W H2 - Weekly Camarilla Pivot (Weekly resistance)

W H3 - Weekly Camarilla Pivot (Weekly resistance - main)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

W L4 - Weekly Camarilla Pivot (Interim support - Strong)

W L3 – Weekly Camarilla Pivot (Interim support - Main)

W L2 – Weekly Camarilla Pivot (Interim support)

W L1 - Weekly Camarilla Pivot (Interim support - Weak)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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