GBP/USD Downtrend Below 1.3860

April 30, 2018 12:11

The GBP/USD has formed a bearish breakout pattern below the green trend line and at this point we see a continuation of down trend. If the price gets within 1.3825-55 we might see another drop and now moment sellers. However a continuation below 1.3750 should pull the price towards 1.3720 and 1.3700. Around 1.3700 we might see now moment buyers. 4h close below 1.3700 targets 1.3622. However, the 4h candle close above 1.3860 might negate bearish scenario.

Source: Admiral Markets MT5 with MT5SE Add-on

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Best wishes,

Nenad

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