EUR/GBP U-Shaped Bottom Hints Potential Bullish Continuation
|The EUR/GBP has broken through the descending trendline and we can see a potential for bullish continuation. Another cue is the U-shaped bottom that has been formed exactly at W L3 support. 0.8688-98 is the POC zone for potential bounces. Targets are 0.8739 and 0.8770. Only if 0.8770 breaks we might see Monthly (M) Pivots as next targets. Have in mind that EUR/GBP is both EUR and GBP news dependent, so any important news could spike the price in both directions, but generally the intraday trend is up.
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 StrongMonthly Resistance)
ML3 – Monthly Camarilla Pivot (Monthly Support)
ML4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)
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