GBP/USD Broadening Bottom Pattern On H4 Timeframe

The GBP/USD has formed a broadening bottom / megaphone pattern exactly at W L3 and W H3 camarilla pivot. Originally this is a bullish reversal pattern and the price could reverse from the 1.2815-25 zone if it gets there. However due to its expanded trend lines the pattern can also show a bearish rejection at its peak. W H3/ATR high could reject the pair if it gets to 1.2920-35. Target for a bullish reversal (from 1.2815-25 zone) is 1.2860 followed by 1.2990 and 1.2920. The target for a bearish reversal (from 1.2920-35 zone) is 1.2860 followed by 1.2815.

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 (aka Entry Zone)