GBP/USD Regular or a Runaway Gap?

The GBP/USD has formed a retail gap after some Brexit comments during the weekend. The problem is that the gap is still open and we don’t know if it is the regular or a runaway gap. However, the channel is still inclined to the upside and 1.2890-96 zone is crucial. A close below should target 1.2837, while the rejection from the zone could close the gap. Bullish continuation is possible only above 1.3015 while bearish should be dominating below 1.2837.

• W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
• W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
• W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
• M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
• M L3 – Monthly Camarilla Pivot (Monthly Support)
• M L4 – Monthly H4 Camarilla (Very Strong Monthly 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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