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GBP/USD Proceeds With Downtrend After a Retracement

Nenad Kerkez

Dear Traders,

The GBP/USD is in a retracement mode but still in downtrend. The price might turn at the POC zones.

The price is in a retracement mode and might get to any of the POC zones. The first possible spot for potential bearish entry could be 1.2095-1.2125. Look for bearish reversal patterns or bearish signs within the zone. However if the price makes a retracement higher, then watch for 1.2210-50 zone. Targets for the move are 1.1980 and 1.1920.  Only Above 1.2320 we should see a trend change on  4h timeframe.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire