The GBP/USD has formed a bullish divergence exactly near the M L5 bottom. 1.2710-40 is the zone where the correction could start. If 1.2700 holds the price might retrace to 1.2844 and 1.2900. Break above 1.2923 should target 1.3000 and 1.3052. However a drop bekow 1.2700 will pressure the pair further, leading towards lower pivotal zones 1.2687 and 1.2609.
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)
