GBP/USD Bullish Consolidation Shaping Up

Nenad Kerkez Top-XE

The GBP/USD has been consolidating between W H3 and W L3 Camarilla pivots. The consolidation is looking bullish at this moment as we can see the V shaped reversal pattern that has led to an overall positive momentum with a possible breakout to the upside. 1.2800 is the interim resistance, however 1.2825 needs to break in order for the price to remain bullish. Next targets are 1.2873, the confluence of order block and W H4. Positive momentum might also bring up the gap close within 1.2950 zone. However the price needs to stay above X cross of D L4 and a red trend line 1.2740. If it drops below it there is a scope for 1.2700-1.2680 retest. If that happens, the interim bullish momentum will be negated.

GBPUSD Current Trading Positions

Sell 58%

Buy 42%

Avg Sell Price 1.2830

Avg Buy Price 1.2766

Liquidity Distribution

Author

Nenad Kerkez

Top-XE

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