GBP/USD Will Continue Moving Up Above the W L3
October 5, 2020
2 min read
Dear Traders,
The GBPUSD has formed a rising zig-zag pattern and we can see that buying the dips continue. My opinion is that the GBP/USD will go further up unless some out of the blue news hit it.
W L3 makes a confluence with 78.6 and D L4 as the zone is valid for buyers. A retracement to 1.2860-75 could be used for buying into dips. A bounce off the zone and we should see a move up to D L3 – 1.2897. Then from there a move towards W H3 is possible. First 1.2975 then 1.2999. Only a move below 1.2811 will negate the bearish scenario.
The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea
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