By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The GBP/USD has broken the bearish consolidation below 1.3070 level. A retracement within 1.3055-3085 could spark a new wave of sellers. The POC zone is marked by two descending trend lines and EMA89. If the price gets in the zone, we should see a rejection towards 1.2959 and 1.2917. A h1 or h4 close below 1.2947 without rereacement to the POC zone could also ignite selling towards 1.2917.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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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)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: GBP/USD Double Trend Line Confluence
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