Tue, May 18, 2021 @ 10:54 GMT
Home Contributors Technical Analysis GBP/USD: Retracement In Bullish Trend

GBP/USD: Retracement In Bullish Trend

The GBP/USD is in a retracement mode after getting within the 1.3350 zone. We might see a bounce from the POC zone if the price makes a bullish reversal candle pattern formation.

The POC zone 1.3225-1.3350 is a potential bounce spot for the cable. We can see a strong uptrend that is supported by the ascending trend line. However, we cannot say that the retracement might end within the POC zone. But if it does then watch for a reversal candle formation (marubozu, piercing line, hammer, engulfer, pinbar) that might spike the price above 1.3260 towards 1.3305 and 1.3328. Today is Friday so 2-way price action might be possible due to profit taking.

However, the price is still bullish and bought on dips so watch for the potential spike off the POC zone. A close below 1.3315 might negate this bullish scenario.

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