The GBP/USD is in uptrend and we can see the POC zone clearly below the price. The POC 1.3075-1.3100 might look a bit stretched but that happens due to many individual confluence points that are found within the zone – W L3, ATR pivot, D L3, trend line, EMA89, 38.2 fib + ATR (14) has slightly increased.
If we see a retracement in the zone, the price might bounce towards 1.3157 and 1.3180. Only above 1.3180 we will see another bullish wave towards 1.3230. As long as the price stays above 1.3060 bulls will have the upper hand, else below 1.3060, short term stops might be triggered so 1.3025 will be possible.
- W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
- W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
- W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
- D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
- D L3 – Daily Camarilla Pivot (Daily Support)
- D L4 – Daily H4 Camarilla (Very Strong Daily Support)
- POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets