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GBP/USD Intraday Bearish Zig-Zag Pattern

February 22, 2018 12:11

Source: Admiral Markets MT5 with MT5SE add-on

The GBP/USD has been in a steady downtrend after reaching 1.4140 zone. The price has been steadily dropping and it has reached 1.3855 support. As we can see on the chart, it closed just above the trend line after it has reached D L4 level. A rejection above the trend line could target 1.3950-60 POC zone where we could see sellers. However, a 1-hour candle close below the trend line 1.3970 could initiate further bearish pressure towards 1.3955, 1.3839 and 1.3814 as final targets.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

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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