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  4. GBPUSD uptrend in progress

GBPUSD uptrend in progress

March 14, 2016 12:13

GBPUSD ascending scallop on H4 time frame suggests further bullish continuation. If we drill down to H1 time frame we will see a solid uptrend where GBPUSD has been bought on pullbacks. The first POC (L3, 38.2, triple top breakout) comes within 1.4315-25 zone and the pair could reject towards 1.4440. A 4h close above 1.4420 (H3 cam PP) would signal a continuation towards 1.4550. POC2 (EMA89, L4, 50.0, trend line) comes within 1.4260-80 zone and the deeper pullback below 1.4310 could target POC2. If POC2 zone is reached GBPUSD will still be bullish targeting 1.4420-40 and above ant only the real close below a Fakeout candle at 1.4115 would initiate sellers for another break below 1.4000.

However 1.4550 is the interim resistance and should the pair reach it we could see now momentum sellers and the price could reject from it.

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