As you could read in my previous GBPUSD analysis, the pair has dropped straight to target even proceeding to next level of support - 1.5105 zone. The latest estimate of British 2nd quarter growth showed that economy grew at a pace of 2.6 % and that could still give some validity to a possible hike. Traders are also eyeing NFP data tomorrow and a lower then estimated number ( 202K ) may delay US rate hike.
Technically GBPUSD dipped to 1.5105 zone and we can see that it has made a double bottom and bullish divergence. That shows a POC in 1.5090-1.5100 zone and if the price rejects , while holding above 1.5090 we might see 1.5330 which is the confluence target of WPP, H3 and X cross. X cross shows an intersection of historical buyers ( now sellers ) and inner trend line. Have in mind that this is a counter trend analysis/setup that shows a possible exhaustion of sellers at the confluence zone.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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