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MARKETS LIVE BLOG:

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EUR/GBP Indecision Between Trend Line Diagonals

Nenad Kerkez
Updated

The EUR/GBP has been trapped within the narrow range of W L3 and W H3 Pivot. Slow price action indicates that we might expect a breakout when volatility gets higher. At this point, the price is stalling between the two trend line diagonals that also intersect essential pivot points. Break of W H3 – 0.8737 should target 0.8760 and possibly 0.8792. However a break of D L3 – 0.8710 should target 0.8680. The EUR/GBP ATR is low, so pay attention to breakouts and corresponding targets.

EUR/GBP Indecision Between Trend Line Diagonals
EUR/GBP Indecision Between Trend Line Diagonals

W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

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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)

Best wishes,

Nenad

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This article was originally posted on FX Empire

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