Source: Admiral Markets MT5 with MT5 – 03.09.2018 09:36 AM

The GBP/USD has formed a retail gap after some Brexit comments during the weekend. The problem is that the gap is still open and we don’t know if it is the regular or a runaway gap. However, the channel is still inclined to the upside and the 1.2890-96 zone is crucial. A close below should the target of 1.2837, while the rejection from the zone could close the gap. Bullish continuation is only possible above 1.3015, while bearish should be dominating below 1.2837.

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 – Monthly Camarilla Pivot (Very Strong Daily Resistance)

M L3 – Monthly Camarilla Pivot (Daily Support)

M L4 – Monthly H4 Camarilla (Very Strong Daily Support)

POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)

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