The GBPUSD rejected heavily from 1.4990-1.5000 zone which was a both psychological and historical support, closing above 1.5110 on intraday time frames. However, lower than expected manufacturing UK data tank the pair immediately towards daily PP zone (1.5067) and we see that the pair is still dropping.
Technically we have a very strong POC in the 1.5150-70 zone ( E89, X-cross, 50.0, historical sellers/bearish order block). There is also a bullish divergence which helped the pair to rally up. So in the context of intraweek swing a rejection from POC zone should target 1.4960-50. For that target zone we need 1.4990 to break as the next retest-continuation below 1.4990 will target 1.4960-50. That could also be a breakout setup.
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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