FOREX: GBPUSD Where to now?

30.08.2018 / 16:03

Rating:

GBPUSD

Time frame- H4

Technical Analysis: Bears didn`t get it with breaking the resistance of the short term bullish trend channel started from 15.08.2018, after EU commissar Barnier gives positivism on eventual good deal between UK and US . GBP bulls breached downtrend channel formed on 09.07.2018г. and sends the pair to 50% Fibo retracemnt of the bear market started on 1.3012$ 50% .

The picture now is that we have harmonic bear pattern "Crab":

XAD= 1.30212

BCD= 1.30184

AB=CD - 1.30139

гу2

Indicators: The price is above 50,100 and 200 SMA, which supports bulls scenario.

DeM(14): There is bear divergence with the indicator and price which gives weight on "sell"scenario which offers the harmonic pattern "Crab"

Enter: at current levels at price 1.3022

SL: at previous top at 1.3050

Alternative scenario: The strong bullish momentum could easily violate the harmonic pattern and the optimism will send the pair at 1.31$ levels.

Trader Velizar Mitov

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FOREX: GBPUSD Where to now?

London

Universal numbers