By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
The GBP/USD is range bound between the two essential pivots W L3 and W H3. Intraday price action is also trapped between D H3 and D L3. In the chart, we can see the two opposing patterns. Head and Shoulders and Inverted Head and Shoulders. Camarilla Pivots constellation is also showing ranging market. Everything we see cues for an indecisive market. In that case, we have few scenarios. Above 1.3300 the target is 1.3320 and continuation should spike the GBP/USD to 1.3350. Below 1.3260 the target is 1.3204 and below we should see 1.3145.
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 Multiple Patterns Hint for a Range Bound Price Action
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