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GBPUSD possible scenarios based on the harmonic patterns

GBPUSD possible scenarios based on the harmonic patterns

Let’s take a look at the possible scenarios together.

We have two charts to make the picture more clear for you.

 

Scenario #1 Bullish Cypher at 1.31300.

As seen on the harmonic chart we see that cable will complete a harmonic cypher at D 1.31300 .  The same level is the MM 3/8 Bottom of Trading Range as seen on the second chart. We need to see the Cable makes a few H1 closings below 1.31700.

Scenario #2 Bearish Gartley at 1.32400.

As we have written today, 1.32440 is one of the major resistance of smaller chart timeframes.  It is the MM 5/8 bottom of the trading range and MA 20 in the daily charts.  With lack of major macroeconomic catalyst, it would be difficult to breakout this resistance for Sterling Bulls.

MM 3/8  1.31300 or MM 5/8 1.32400 must be broken, otherwise, we continue to see the price trading in a narrow range.

Scenario #3 Bearish Cypher at 1.33800.

This scenario would be valid after a few H4 closings above 1.32400.  1.34200 is the ultimate resistance MM 8/8 and 1.34900  EMA 50 20 Day Periods.

We will focus on 1.32400 and will publish our fresh trade ideas for premium members.

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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

 

 

GBPUSD :   Forex Trading involves risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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