By Admiral Markets
As we could see on my yesterday’s Session Recap webinar, the GBP/USD has perfectly rejected from the POC zone I showed making a total of 60 pips that accounts for 90 % of its ATR(14). Today we can see that 2 POC(S) zones could be above the price as sellers might be waiting there. A slight miss in UK CPI could encourage fresh seller to kick in within 1.2990-1.3000 and possibly 1.3030. We can see how the price respects W L3- W H3 standard camarilla range (70 % of the time) so we might see another rejection towards the 1.2900 zone. However due to bullish SHS pattern (inverted head and shoulders) now moment buyers are exactly at the same spot where historical buyers where so we can see a buying interest within 1.2900-10 zone. The change of a trend is only possible if the price gets below 1.2900 with a strong momentum and 4h candle closes below 1.2870.
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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 Inverted Head And Shoulders Rejecting The Price Within W H3 – W L3 Range
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