The GBP/USD has formed multiple bottoms above an ascending trend line which provides a confluence with other price action tools.
The POC zone 1.2830-40 is rejecting the price to the upside. Bullish bounce should be stronger with the ascending trend line which also holds the trend in place. Targets are 1.2900 and 1.2952. A 4h close above 1.2955 will provide continuation towards 1.3054 – Weekly H5 camarilla pivot. As long as 1.2800 holds, bulls have nothing to worry about. In case 1.2800 breaks lower, then we could see a deeper retracement.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX