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EURGBP Lower High - Lower Low Swings Show a Potential Breakout

October 31, 2017 09:17

The EUR/GBP has been in a zig-zag mode, making lower highs and lower lows that qualify for a downtrend. D L3 camarilla pivot has established a support but still, the breakout is possible. In the case of breakout below the D L3 support a break below 0.8805 potentially targets 0.8785, 0.8764 and 0.8750. A retracement to the upside could bring the pair to POC zone (D H4, EMA89, 50.0,ATR high, historical sellers) 0.8835-50. The rejection from the zone could target 0.8805 and below (see the levels) towards 0.8750 as the final target.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

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)

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