The GBP/USD is making bullish zig zag with a clear bullish momentum candles, mostly Marubozu (purple highlight) that clearly indicates bullish pressure.
The GBP/USD is making bullish zig zag with a very clear bullish momentum candles, mostly Marubozu (purple highlight) that clearly indicates bullish pressure.
A close above daily L3 suggests further upside towards 1.2400, 1.2435 and 1.2480 that is a confluence of weekly H3 and Daily ATR projection high. If the price retraces to POC again 1.2365-80 (61.8, order block, L3, ATR pivot) we might see another rejection to the upside. Targets are the same.
A break above 1.2440 and 4h close above it indicates 1.2480, and possibly 1.2500 are on its way. Ideally, for bullish scenario to succeed confluence of support at 1.2300 should stay unscathed (Weekly L3, EMA89, Daily L5).
GBP/USD Chart
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets
