GBPUSD Technical Overview and Bearish Cypher Formation
In our latest analysis, we focused on 3 scenarios and our first target level was 1.32400. We saw a minor retracement at 1.32400 and Cable continue to move up as DXY falls. Our second target was 1.33800.
Technically: The price is above EMA 50 and EMA 100. A bullish crossover of EMAs is forming.
1.33050 MM 5/8 Major Pivot is broken. And the bullish action will continue as long as the price holds above 1.33000.
1.33667 is the first target of Cable as MM 7/8.
As we have published before, GBPUSD forming a Bearish Cypher Harmonic Pattern. Area of entry is between the levels 1.33850 – 1.34100.
1.34500 is historical and physiological resistance. We believe that much stronger fundamentals are needed in order to break above 1.34500 – A few positive Brexit News etc. –
Our year-end projection of GBPUSD is 1.38000- 1.40000.
Conclusion: We are on the Bulls side of the game medium term. Our target zone is 1.33800 – 1.34000 and then we will look for a short opportunity of a minor retracement.
Possible pullback levels to use as buying opportunities: 1.32800 & 1.32600.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
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