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Technical Analysis
Daily Technical Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 134702, member: 37217"] GBP/USD Weekly L3 and D H4 Confluence In Downtrend [IMG]https://f.bpcdn.co/optimized/3X/0/2/02acae54d0d869e4be10418214fde290838676ad_1_690x411.jpg[/IMG] The GBP/USD broke below 1.2020, the weekly L3 level, thus turning the support into a resistance. After a short breakout that I showed on live trading webinar yesterday, the pair started to retrace towards the POC zone 1.2830-50 (Order block, ATR high, trend line, D H5, EMA89). The price could reject there towards the 1.2880 and 1.2770. Only a break below 1.2768 could spur additional weakness in the pair towards 1.2740 zone. The market is calm at this point but the increased volatility is expected during the 2017 Economic Symposium, "Fostering a Dynamic Global Economy", which will take place Aug. 24-26, 2017 at Jackson Hole, WY. Renewed bulls strength in the pair should manifest on a 4h candle close above 1.2855. That could be a sign for a further correction towards 1.2925. Follow [URL='https://twitter.com/TarantulaFX']@TarantulaFX[/URL] on twitter for latest market updates Connect with [URL='http://www.facebook.com/tarantulafx']Nenad Kerkez T[/URL] on Facebook for latest market updates. W L3 - Weekly Camarilla Pivot (Weekly Interim Support) W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance) W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance) D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance) D L3 – Daily Camarilla Pivot (Daily Support) D L4 – Daily H4 Camarilla (Very Strong Daily Support) POC - Point Of Confluence (The zone where we expect price to react aka entry zone) [I]Risk disclosure - Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.[/I] [/QUOTE]
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