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EUR/GBP Bullish Zig Zag Pattern Possibly Targeting 0.9050

August 24, 2018 21:22

EUR/GBP Bullish Zig Zag Pattern Possibly Targeting 0.9050Source: Admiral Markets MT5 with MT5SE Add-on

The EUR/GBP has formed a bullish zigzag, and at this point we can see two POC zones: 0.8990-0.9000 and 0.8970-80. Rejection from the zones should target 0.9020 and 0.9050. Bullish zig zag is valid as long as 0.8950 holds. Today it's Friday so we might see a profit taking that could provide us with the necessary retracement.

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 - Monthly Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Monthly Camarilla Pivot (Daily Support)

D L4 – Monthly H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect the price to react - aka the entry zone)

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.