Master Candle Contains GBP/USD Within The Range
Nenad Kerkez | Mar 30, 2015 04:16AM ET
GBP/USD has a MASTER candle on daily chart. Master candle serves as interim support and resistance candle , which marks the important range. So until the Master candle is broken the pair is trapped within 1.4633-1.5163 range. We can also see a squeeze which is happening after the master candle which is giving us the hint that the breakout could be strong.
If you read the GBP/USD analysis on Friday, you could have noticed that the price perfectly rejected from the POC. But ,i need to say that due to NFP this Friday and strong USD still which is still hurting the exporters, mid term traders should pay attention to Master Candle range. Pay attention to master candle breakout when it happens. On the chart we can see Monthly camarilla levels and master candle which holds further GBP/USD movement. GBP/USD is holding price at the lower bottom of L5 and breakout to the downside will expose 1.43xx zone while breakout to the upside and close above L3 will expose 1.5280 and further bullish appreciation.
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