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GBPUSD is close to important crossroads

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Bad inflation data is weighting on the GBPUSD pair (0.3 % vs 0.4 % expected) and that could possibly mean no rate hike anytime soon and it caused a deeper retracement in the price. Technically we can see an uptrend on H4 time frame and the price is reaching deeper retracement zone and important crossroads. POC (78.6, historical buyers, trend line) 1.4140-55 is important as the price could find now moment buyers that would spike the price up towards L4 1.4220. However only if the 4h candle

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