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.

EUR/GBP U-Shaped Bottom Hints Potential Bullish Continuation

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 Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Very Strong Monthly 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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