andrewunknown

GBP/USD: Bearish Butterfly into Harmonic ABCD

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
233 3 0
Cable, H4: Upside breakout from rising wedge resulted in failure with sell off from bearish butterfly reversal window in the vicinity of 1.54. Eve-Eve Double Top installed between 1.53-1.54 reached its primary target at 1.5135 post US Advance GDP. A Break held below 1.5135 sets up Harmonic ABCD with 100% measured move to ~1.4960. Note horizontal support at (C) near 1.50.
Eve-Eve support held and now resistance is hit. Any idea what will be next?
Reply
Hey Kevin - ABCD definitely off the table. Cable's Move back toward 1.54 built out a bearish shark to contend with: Higher lower v. July low at the Butterfly's point (A) and also (C) is noteworthy. Pressure ratcheting slowly against 1.54, but stilt see a bearish tilt beneath that level.
Reply
KevinT andrewunknown
Thanks for your analysis and explanation Andre.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out