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)
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.
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A retest of the 1,6750 ish level and TL, may give a bounce to complete the minor ABCD at 1,7070
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