GBP/USD Inverted Head And Shoulders Rejecting The Price Within W H3 – W L3 Range

As we could see on my yesterday’s Session Recap webinar, the GBP/USD has perfectly rejected from the POC zone I showed making a total of 60 pips that accounts for 90 % of its ATR(14). Today we can see that 2 POC(S) zones could be above the price as sellers might be waiting there.

A slight miss in UK CPI could encourage a fresh seller to kick in within 1.2990-1.3000 and possibly 1.3030. We can see how the price respects W L3- W H3 standard camarilla range (70 % of the time) so we might see another rejection towards the 1.2900 zone. However due to bullish SHS pattern (inverted head and shoulders) now moment buyers are exactly at the same spot where historical buyers where so we can see a buying interest within 1.2900-10 zone. The change of a trend is only possible if the price gets below 1.2900 with a strong momentum and 4h candle closes below 1.2870.

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

Connect with Nenad Kerkez T on Facebook for latest market updates.