The GBP/USD has been in a retracement and it’s pretty much close to the confluence zone where sellers might be waiting.
The POC zone 1.2970-80 might prove valid only if the price remains capped below 1.3000. In that case fresh sellers might join and reject the price lower. Targets are 1.2940, 1.2910 and 1.2880. Have in mind that today is Friday and we might see some profit taking which might lead the price into a 2-way trading. However if long GBP/USD traders close their positions, that will give additional momentum to bears.
The analysis has been done with the CAMMACD.MTF template.
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