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?
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Hey Kevin - ABCD definitely off the table. Cable's Move back toward 1.54 built out a bearish shark to contend with:
GBPUSD: Butterfly to Shark
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.
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KevinT andrewunknown
Thanks for your analysis and explanation Andre.
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