GBP/USD Bearish Continuation After a Pullback

Nenad Kerkez Top-XE

The POC zone shows a nice confluence between W H3 and Bearish order block. We might see a rejection if the price gets in the zone.

1.2800-25 should reject the price. Watch for a reversal candle formation in the zone or any other trigger that should mark the beginning of fresh selling. Moreover, we can also see a limited pullback that signifies a strong bearish trend. Targets are 1.2750 and 1.2674. If we don’t see a pullback within the POC, watch for a momentum below 1.2750 that might also lead to a retest of 1.2713 and below. Only a close above 1.2850 will negate this bearish scenario.

GBPUSD Current Trading Positions

Sell 47%

Buy 53%

Avg Sell Price 1.2825

Avg Buy Price 1.2953

Liquidity Distribution

The analysis has been done with the CAMMACD.MTF template.

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Author

Nenad Kerkez

Top-XE

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