GBP/USD 15-Minute Chart: Bearish Reversal at Harmonic Completion
The chart showcases a well-defined harmonic pattern, the Shark, with the price reaching the terminal zone at 1.2670, marked by a red downward triangle. This suggests a potential reversal zone where selling pressure may emerge.
Key observations:
T1: 1.26241
T2: 1.25741
Suggests a possible downside move if the reversal confirms.
Traders should watch for bearish confirmation before entering short positions, while bulls may seek a break above 1.2670 for further upside.
Key observations:
- The price has reacted strongly at the completion point, aligning with Fibonacci extensions.
- Overbought conditions are evident in the RSI and other momentum indicators, indicating potential exhaustion of the bullish trend.
- Target levels:
T1: 1.26241
T2: 1.25741
Suggests a possible downside move if the reversal confirms.
Traders should watch for bearish confirmation before entering short positions, while bulls may seek a break above 1.2670 for further upside.
Trade closed: stop reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.