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GBP/USD Technical Zig-Zag for Uptrend Continuation

March 26, 2018 08:55

Source: Admiral Markets MT5 with MT5SE Add-on

The GBP/USD is in a strong uptrend that is clearly visible as higher high/higher low pattern in a sturdy zig-zag motion. This is technical uptrend is targeting W H3 1.4214-1.4230 and if daily candle closes above we might see 1.4298 in upcoming days. Retracement towards 1.4115-30 (POC) could possibly be used for new long positions. Even a drop towards 1.4030-45 could still be used for buying the dip, as the uptrend is strong as long as the price is kept above M H3- 1.3902.

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Daily Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Daily Camarilla Pivot (Monthly Support)

M L4 – Daily H4 Camarilla (Very Strong Monthly Support)

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

Best wishes,

Nenad

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