The EUR/GBP has been in a zig-zag mode, making lower highs and lower lows that qualify for a downtrend. D L3 camarilla pivot has established a support but still, the breakout is possible. In the case of breakout below the D L3 support a break below 0.8805 potentially targets 0.8785, 0.8764 and 0.8750.
A retracement to the upside could bring the pair to POC zone (D H4, EMA89, 50.0,ATR high, historical sellers) 0.8835-50. The rejection from the zone could target 0.8805 and below (see the levels) towards 0.8750 as the final target.
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).
