As we could read in my previous coverage of GBPUSD pair U shaped bottom hit 1.5450 target and now the pair is in retracement which we can easily identify by price action and MACD. Within the context of a previous U shaped bottom, we can also spot a strong V shaped reversal which has been rejected from a trendline.
1.5385 zone is providing support and confluence of L5, V shaped reversal retest point and 38.2 retracement. If the pair dips into the zone it should bounce towards 1.5530. If we see 4h close above 1.5530 the pair should proceed towards 1.5570. For this scenario to succeed 1.5310 should hold.
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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