GBP/USD Bullish above 1.2500
The GBP/USD behaved exactly as planned during early Monday trading as we suggested on our webinar regarding Italian referendum. The cable is still ranging with slightly bullish bias as Services PMI came better than expected. From a technical view we have 2 order blocks. The first order block is significant for short term traders and scalpers (1.2695) as the price could bounce on a subsequent retest. Positional traders and swing traders should watch for POC within 1.2545-60 zone (L4, EMA89, bullish order block). As long as the price is above 1.2500 it is confined by the bullish range. The target is 1.2750. Above 1.2750 we could see 1.2825, H3 camarilla weekly pivot.
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets