By Admiral Markets
The GBP/USD is consolidating within the rectangle pattern. The consolidation is due to the US CPI data at 12:30 GMT. Traders need to pay attention to 1.2992 the X-cross of a trend line and D H3 camarilla pivot. Move above the trend line could possible spike the GBP/USD to POC zone 1.3040-60 (D H5, Rectangle top, ATR projection high, 50.0 fib, Order block) where we might see fresh sellers. The price should reject towards 1.2992 and 1.2940. Only below 1.2940 we should see the continuation towards D H5/ ATR low 1.2910.
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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Article by Admiral Markets
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