CapMoore

Daily Study. Targets and support levels ahead

FX:GBPUSD   British Pound/U.S. Dollar
186 2 3
As on several other pairs right now, the GbpUsd             is showing
nice harmonic AB=CD patterns. In this case the confluence
of Minor D point of a larger and smaller ABCD at 1,6750-60
level. TL support comes in at 1,65. A break of TL support
would likely complete first target of minor ABCD at 1,64 ish             .
A break below 1,6250 would expose major ABCD first target
at 1,60 ish             . A strong rejection and bounce from
the TL and breaching of 1,6750 level expose 1,7070 (D point
of minor ABCD and 1,73 (D point of major ABCD)
A retest of the 1,6750 ish level and TL, may give a bounce to complete the minor ABCD at 1,7070
Reply
Thursday before Easter holidays price tries to breakout higher. Next level is 1,70 ( a three drive w 161extensions point to 1,6970)
After that, next target is 1,73 as shown in hte chart. However, it is risky to take breakouts on thin market volumes as now.
Reply
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