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GBPUSD V shaped reversal confluence

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    As we could read in my previous coverage of GBPUSD pair U shaped bottom hit 1.5450 target and now the pair is in retracement which we can easily identify by price action and MACD. Within the context of a previous U shaped bottom, we can also spot a strong V shaped reversal which has been rejected from a trendline. 1.5385 zone is providing support and confluence of L5, V shaped reversal retest point and 38.2 retracement. If the pair dips into the zone it should bounce towards 1.5530. If we see

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