GBP/USD Intraday Bearish Zig-Zag Pattern
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)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market update
This article was originally posted on FX Empire
More From FXEMPIRE:
Bitcoin Looking to recover to $10,000. Will it and Can it Hold?
Alt Coins Price Forecast February 23, 2018, Technical Analysis
Ethereum Price Forecast February 23, 2018, Technical Analysis
FTSE 100 Price Forecast February 23, 2018, Technical Analysis
DAX Index Price Forecast February 23, 2018, Technical Analysis