GBP/USD Making Bearish Swings
Admirals | Feb 08, 2016 09:46AM ET
The GBP/USD has spiked above 1.4600 zone, and as I have shown in the latest AUD/USD coverage, very often a retracement is mistaken for a trend change - which is wrong. Similarly to AUD/USD (which has perfectly rejected from POC making 180 possible pips), the GBP/USD is in a similar situation. Any retracement towards POC zone could be considered another sell into rally with the 1.4255-40 as the target zone.
POC (Xcross, 50.0, EMA89, Bearish order block) comes within 1.4500-10 zone. Rejections from the zone target 1.4375 and 1.4240. Around 1.4240 the price might bounce making another retracement to the upside. A strong 1H momentum or 4h close below 1.4375 should also tank the price towards 1.4240.
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