GBP/USD: Downtrend Continues
Admirals | Jul 06, 2016 09:35AM ET
The GBP/USD made it to all predicted targets. It was like no-brainer trading. Simply we've had to short into rallies and it's been a free money. Today we might see a rejection from 1.2990-1.3005 as the first POC ( bearish order block, 38.2, Now moment sellers, Pinbar rejection ) towards 1.2863.
If the price proceeds above 1.3010 we should consider POC2 1.3070-1.3100 (50,0, H3, DPP). Rejection from this zone will target 1.3000 zone. Additionally a pinbar rejection that happened 2 hours ago might immediately pull the price down from 1.2970.
If the price makes a H1 momentum break or 4h close below L4 1.2860 then the door to 1.2735 will be open.
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