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GBP/USD watch for 1.2225-50 zone

The GBP/USD is still sold on rallies as analysed in our previous analysis. Today First Brexit hearing begins in the UK High Court and there could be some whipsaw movements in the currency pair. From technical perspective POC zone comes within 1.2225-50 and the zone is a bit wider due to high ATR. The pair is contained within the equidistant channel and we can spot a confluence of channel top, H3 and bearish order block. If the pair retraces to the zone we might see a rejection towards 1.2150 and 1.2090. Only a 4h close below 1.2090 could tank the pair lower to sub 1.2000 level 1.1990 where we see a confluence of H5 and channel bottom. However if the pair gets above 1.2300 we might see a breakout towards 1.2355 that will be a sign of a deeper retracement in the GBP/USD pair.

Thursday, 13 Oct, 2016 / 11:17

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