ICmarkets
Short

Currently short from 1.4078 at the tip of Harmonic AB=CD...

FX:GBPUSD   British Pound/U.S. Dollar
185 0 6
Starting from the top this morning, the broken weekly Quasimodo level at 1.4501 has now officially come into view. Whether this long-term structure holds firm or not can only really be determined by the weekly close in our opinion. Climbing down into the daily chart , nonetheless, Cable extended its recovery from daily demand at 1.3843-1.4036 for the third consecutive day yesterday, printing a near-perfect full-bodied bullish candle. Despite this, there could be trouble on the horizon as price connected with not only the weekly level just discussed above, but also a daily resistance drawn from 1.4079.

Stepping across to the H4 chart, the recent buying has completed what looks to be a Harmonic AB=CD bearish pattern , that fuses just beautifully with the aforementioned daily resistance level and trades in-line with the predominant trend. Therefore, we have taken a short entry at 1.40780 and placed our stop around the 1.4170 mark. Granted, this a large stop, but considering the higher-timeframe levels involved (see above), we’re also expecting a large decline. Ultimately, we’ll be looking to take partial profits around the 1.3950 region due to the H4 demand surrounding this level to the left at 1.3914-1.3969.
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