The GBP/USD is heavily affected by the BREXIT news. Each time some news is released we see a lot of volatility in the cross. Algos react to news very quickly, but shortly after the price tends to correct itself. Try to keep the risk under control as the GBP is very volatile.
Technically, the pair is in uptrend. The POC zone 1.2982-92 could reject the pair to the upside targeting 1.3040 first. Above 1.3040 targets are 1.3064, 1.3098 and 1.3154. However a drop below 1.2960 could lead to a retest of 1.2908 – an important support
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 – Monthly Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Monthly Camarilla Pivot (Daily Support)
D L4 – Monthly H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)
Best wishes,
Nenad
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