GBP/USD Bullish above 1.2500

Exclusive GBP/USD Analysis 05.12.2016

GBP/USD Bullish above 1.2500

GBP/USD Chart
GBP/USD Chart

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

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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.