The GBP/USD has been consolidating within the 1.3866-1.3916 zone and we can see a clear congestion without any clear breakout to the upside. UK January CPI remained at 3.0% contrary to the 2.9 % forecast. Technically the price has been supported at 1.3866-76 and while the price bias remains bullish, the pair needs to make a strong 1h candle above 1.3920 in order to proceed further up. Clear break or 4h close above 1.3920 should target 1.3942, 1.3983 eventually reaching 1.4035 W H4 level. However a break below 1.3840 might go for a retest of 1.3799.
W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)
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)
