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GBP/USD Breakout is Targeting D H4 and W H5 Camarilla

By:
Nenad Kerkez
Published: Feb 2, 2022, 12:40 GMT+00:00

The GBP/USD has formed inverted cup with handle pattern. We should see the breakout continuation.

GBP/USD Breakout is Targeting D H4 and W H5 Camarilla

In this article:

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GBP/USD Technical Analysis

  • GBP/USD is making a breakout above MH3
  • Close above the level should be targeting W H5
  • The GBP is strong
  • Inverted/Mirrored cup with the handle pattern

H4 CHART GBP/USD

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  1. The handle
  2. Swing low
  3. The cup breakout
  4. Target

The GBP/USD has formed inverted cup with handle pattern. We should see the breakout continuation. Above 1.3550 the price should be moving up. The first target is 1.3571. If the price breaks D H4, next target is W H5 1.3598. The trend is bullish and the GBP is strong. Dollar weakness is apparent now. We are in the NFP week and today’s ADP will also be important for the price action and targets. Look for bullish outcome and the bull’s strength.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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