GBP/USD Weekly L3 and D H4 Confluence In Downtrend

August 24, 2017

By Admiral Markets

The GBP/USD broke below 1.2020, the weekly L3 level, thus turning the support into a resistance. After a short breakout that I showed on live trading webinar yesterday, the pair started to retrace towards the POC zone 1.2830-50 (Order block, ATR high, trend line, D H5, EMA89). The price could reject there towards the 1.2880 and 1.2770. Only a break below 1.2768 could spur additional weakness in the pair towards 1.2740 zone.

Renewed bulls strength in the pair should manifest on a 4h candle close above 1.2855. That could be a sign for a further correction towards 1.2925.

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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)


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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)

Article by Admiral Markets

Source: GBP/USD Weekly L3 and D H4 Confluence In Downtrend


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