GBP/USD Market Analysis – Bearish Reversal from Harmonic Pattern
The GBP/USD pair has completed a Crab harmonic pattern, with price reaching the 1.618 extension level and reacting strongly at resistance near 1.2617. The rejection suggests a potential bearish reversal.
Initial downside targets (T1 and T2) are at 1.2515 and 1.2445. If price sustains below 1.2593 (AB=CD level), further downside is likely. However, a breakout above the high could invalidate the bearish setup. Traders should watch for confirmation signals before taking positions.
Initial downside targets (T1 and T2) are at 1.2515 and 1.2445. If price sustains below 1.2593 (AB=CD level), further downside is likely. However, a breakout above the high could invalidate the bearish setup. Traders should watch for confirmation signals before taking positions.
Trade closed: stop reached
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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.