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GBP/USD V Shaped Reversal at the Bottom

June 22, 2018 15:46

Source: Admiral Markets MT5 with MT5SE Add-on

Although the GBP/USD is bearish according to Pivot Point structure, it has gained a bullish momentum. That is best reflected by the V Shaped reversal at the bottom, just below W L4 camarilla pivot. At this point, we can spot two POC zones. The first POC zone 1.3270-90 and the second POC zone 1.3215-30. If the pair retraces to any of the zones, we should see a bounce. However, a bullish candle close above D H3 should provide further momentum to 1.3343. Above 1.3343 we might see a breakout to 1.3410 in upcoming days.

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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