GBP/USD Retracement trend line broken

November 17, 2016 09:52

The GBP/USD is showing signs of immediate strength as we see strong ascending trend lines on H4 chart and retracement trend line which has been broken. The zone 1.2395-1.2415 (L4, EMA89,retracement trend line) marks POC, but since 4h candle has already closed we might see a continuation of bullish trend around 1.2455 towards 1.2506. If we see a 4h close above 1.2506 next targets are 1.2560 and 1.2600. 1.2675 can only be reached if we see a daily close above 1.2600. The GBP/USD needs to stay above 1.2375 for this scenario to succeed.

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