EUR/GBP POC zone confluence with H5 camarilla pivot

December 22, 2016 12:37

After a fakeout move to the upside, the EUR/GBP has made a rounded bottom and spiked to the upside very close to POC zone. The POC comes within 0.8495-0.8510 (H5, 78.6, bearish order block, descending trend line). If we see a rejection from POC the target is 0.8415 confluence zone providing that 0.8550 holds. Additionally the EUR has been rejecting from 1.0470 as I stated in the EUR/USD article and if we see a weekly close below 1.0470, the EUR/GBP could proceed even lower than 0.8415. If we don't see any retracement towards POC, a 4h close below H3 at 0.8450 should provide continuation towards the target.

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