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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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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.


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