GBPUSD looking for 1.5345 confluence

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    UK Manufacturing PMI came out better than expected and it gave a boost to GBPUSD. The pair is currently retracing in the wake of Thursday’s interest rate decision. From intraday point of view we can identify POC in 1.5345-65 zone. L4, Previous breakout point ( red rectangle ) and proximity of 61.8 imply that the price could bounce from the zone towards 1.5435 – the top of right shoulder. Only if the price keeps the momentum it could reach 1.5500 and only a strong close (H1, H4) above 1.5500

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