GBP/USD Super Thursday Event: Running Flat Top Ascending Pattern

May 11, 2017 10:27

The main focus today is BOE interest rate decision with monetary policy summary. This is called Super Thursday event and I expect it to be very volatile. The event is scheduled for 11 AM GMT. The BOE will also present its quarterly inflation report which has been updated. We might see two-way price movement.

The pattern that is formed is called - running flat top ascending triangle. It is a running pattern because the apex of the triangle has not been established yet. This suggest two way price movement, that could be also fueled with Balance of Trade date today. There are two zones traders should focus on at this point.1.2995 is a strong resistance and a break of 1.2995 (D H5, ATR high) may target 1.3025 to 1.3050 - Weekly H3 camarilla pivot and round number resistance. Break of lower zone (D L3, ATR pivot) 1.2916 might target even 1.2825 level - Weekly L5 camarilla. I suggest you use VPS tool in the case you want to trade GBP/USD today.

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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)

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