By Admiral Markets
The GBP/USD has formed a cup with handle pattern on H1 timeframe, suggesting further upside. W H4 camarilla is acting as support as the price broke above it, and it forms a clear handle at the brim of a cup. 1.2480 might spike the price to the upside, targeting D H3 H4 and H5 levels respectively, -1.2516, 1.2538, and 1.2580. If the price breaks below the handle, look for possible POC (D L3, double bottom, ATR pivot) 1.2425-45 rejection.
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D L3 – Daily Camarilla Pivot (Daily Interim Support)
D H3 – Daily Camarilla Pivot (Daily Interim Resistance)
D H4 – Daily Camarilla Pivot (Strong Daily Resistance)
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D L4 – Daily Camarilla Pivot (Very Strong Daily Support)
D L5 – Daily Camarilla Pivot (Strongest Daily Support)
W H4 – Weekly H4 Camarilla (Weekly Interim Resistance)
Article by Admiral Markets
Source: GBP/USD Bullish Cup With Handle Formation
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