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GBP/USD POC Zone is 1.2250-75

By Admiral Markets

The spike that was caused after Theresa May’s conference was successfully faded as we predicted in the previous GBP/USD coverage. However it has been clear that 1.2250 is very important support and that it needs to break for further bearish continuation. However if GBP/USD keeps above 1.2250-75 (Bullish order block, H3 weekly camarilla, 50.0 fib, EMA89) we might see an extension towards 1.2412 and 1.2480. 1.2300 is support now and the break of support might retest the POC zone. However if 1.2250 breaks to the downside we might see 1.2200 followed by 1.2150.

Currently the pair is showing an emerging Ascending Scallop pattern around 1.2300 level which further established 1.2300 as interim support.

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Article by Admiral Markets

Source: GBP/USD POC Zone is 1.2250-75


Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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