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    GBP/USD Strong Zone is Supporting the Bulls

    Abstract:The GBP/USD has made a strong retracement and now the price is exactly at the 61.8 fib retracement of the last swing.

      The GBP/USD has made a strong retracement and now the price is exactly at the 61.8 fib retracement of the last swing.

      [fx-forecasts-cta instrument=gbp-usd broker=icmarkets link=https://www.icmarkets.com/global/en/?camp=22749 disclaimer=Trading_Derivatives_carries_a_high_level_of_risk_to_your_capital_and_you_should_only_trade_with_money_you_can_afford_to_lose._Trading_Derivatives_may_not_be_suitable_for_all_investors,_so_please_ensure_that_you_fully_understand_the_risks_involved,_and_seek_independent_advice_if_necessary._A_Product_Disclosure_Statement_(PDS)_can_be_obtained_either_from_this_website_or_on_request_from_our_offices_and_should_be_considered_before_entering_into_a_transaction_with_us._Raw_Spread_accounts_offer_spreads_from_0.0_pips_with_a_commission_charge_of_USD_$3.50_per_100k_traded._Standard_account_offer_spreads_from_1_pips_with_no_additional_commission_charges._Spreads_on_CFD_indices_start_at_0.4_points._The_information_on_this_site_is_not_directed_at_residents_in_any_country_or_jurisdiction_where_such_distribution_or_use_would_be_contrary_to_local_law_or_regulation.]

      W H3/D H3 rejection is expected as it constitutes the POC zone 1.3850-70 We should see a move towards the W H4 – 1.3915. A successful retest of 1.3938 is also possible. In that case look for a possible breakout or a bounce. If it happens 1.3975 is next. Bulls should be safe as long as the price is above 1.3820.

      [fx-image src=/2021/05/word-image-55.png data-zoom-target=https://responsive.fxempire.com/cdn/n/n/_fxempire_/2021/05/word-image-55.png originalWidth=1629 ratio=2.33]

      For a look at all of todays economic events, check out our economic calendar.

      Cheers and safe trading,

      Nenad

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