GBPUSD has dipped on softer core reading, but subsequently was bought from 4600 zone. CPI came as expected so pound is trading in between 1.4600-1.4700 range. Technically the pair is struggling to break 1.4700 and that is expected because it is H3,50.0 confluence + we can see a historical breakout –retest spot at the zone. 1.4700-05 is the zone where pair might reject BUT bearish scenario would only resume if the pair gets INTO the equidistant channel again which shows a perfect confluence with L5. So if it rejects from POC towards L4 then breaks L4 and into L5 ( equidistant channel) ONLY then we can say that the pair will proceed with bearish trend. Until then if the pair jumps above 1.4745 (61.8, L4 ) it would negate bearish momentum and might put the pair into Neutral to Bullish trend over next couple of sessions.
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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