The GBP/USD exactly behaved as I analysed it yesterday, but at this point the cable make higher lows and higher highs suggesting a possible bounce.

GBPUSD

1..2640-50 is the zone where the pair could bounce. A rejection from the zonal confluence has formed an inverted head and shoulders pattern that might reach higher targets if the price gets an additional bullish momentum. An hourly close above 1.2660 should spike the pair up to 1.2700 followed with 1.2730. A drop below 1.2610 will make bears stronger again, so this scenario will be negated then.

GBPUSD

 

GBPUSD Current Trading Positions

Sell 43%
Buy 57%
100.0%43.0%0405060708090100
Avg Sell Price 1.2612
Avg Buy Price 1.2651
Liquidity Distribution
0.25201.23831.3250SellBuy

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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