GBP/USD Up if 1.2280 Zone Holds

Dear Traders,

The GBP/USD dropped below 1.2300 again during the Tokyo session. However, we can see that the market is trying to make a bounce.

The GBP/USD is still in ranging mode. However, the market needs to close above W L3 with 4h candle for another bullish momentum – 1.2344. A close above might initiate buyers towards 1.2405 and 1.2466. For bullish scenario to be valid 1.2280 needs to hold, else we might see a drop below W L4 towards 1.2220.

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.