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Technical Analysis

GBP/USD Consolidating But Pay Attention To POC Zone


The GBP/USD is consolidating within the rectangle pattern. The consolidation is due to the US CPI data at 12:30 GMT. Traders need to pay attention to 1.2992 the X-cross of a trend line and D H3 camarilla pivot. Move above the trend line could possible spike the GBP/USD to POC zone 1.3040-60 (D H5, Rectangle top, ATR projection high, 50.0 fib, Order block) where we might see fresh sellers. The price should reject towards 1.2992 and 1.2940. Only below 1.2940 we should see the continuation towards D H5/ATR low 1.2910.

  • W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
  • W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
  • W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
  • M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
  • M L3 - Monthly Camarilla Pivot (Monthly Support)
  • M L4 - Monthly H4 Camarilla (Very Strong Monthly Support)
  • POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Author: Admiral MarketsWebsite:
Admiral Markets
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.
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