The GBP/USD has formed a bullish confluence at W L4 support which is additionally supported by historical buyers.
1.2890-1.2900 is the zone where we might see a bounce. Historical buyers and the pair being in an oversold territory might give us a bounce and needed correction. The zone is also in oversold territory as higher TF dynamical levels of support and resistance hold the price above the W L4 support. Targets are 1.2940 and 1.2980. If that happens the pair even might correct further during next couple of days as there is still room till next supports. Have in mind that W L3 hasn’t been tested this week so if bullish momentum persists 1.3053 is the valid target for the week.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.