The GBP/USD has formed a bearish trend line below D L3 confluence with Red Levels. At this point, we can also see the two POC which could tank the price.
1.2470-80 is the first POC zone. If the price doesn’t reject, it could go higher towards POC2 1.2510-20. Watch for signs of reversal within the POCs. Targets are 1.2450 and 1.2424. Bears are dominating as long as the price is kept below W H3 and Red level confluence below 1.2557. Only if the rate spikes above 1.2557, we will see the trend changing to bullish.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX