GBPUSD possible scenarios based on the harmonic patterns
Updated
Let’s take a look at the possible scenarios together.
We have two charts to make the picture more clear for you.
Scenario #1 Bullish Cypher at 1.31300.
As seen on the harmonic chart we see that cable will complete a harmonic cypher at D 1.31300 . The same level is the MM 3/8 Bottom of Trading Range as seen on the second chart. We need to see the Cable makes a few H1 closings below 1.31700.
Scenario #2 Bearish Gartley at 1.32400.
As we have written today, 1.32440 is one of the major resistance of smaller chart timeframes. It is the MM 5/8 bottom of the trading range and MA 20 in the daily charts. With lack of major macroeconomic catalyst, it would be difficult to breakout this resistance for Sterling Bulls.
MM 3/8 1.31300 or MM 5/8 1.32400 must be broken, otherwise, we continue to see the price trading in a narrow range.
Scenario #3 Bearish Cypher at 1.33800.
This scenario would be valid after a few H4 closings above 1.32400. 1.34200 is the ultimate resistance MM 8/8 and 1.34900 EMA 50 20 Day Periods.
We will focus on 1.32400 and will publish our fresh trade ideas for premium members.
We have two charts to make the picture more clear for you.
Scenario #1 Bullish Cypher at 1.31300.
As seen on the harmonic chart we see that cable will complete a harmonic cypher at D 1.31300 . The same level is the MM 3/8 Bottom of Trading Range as seen on the second chart. We need to see the Cable makes a few H1 closings below 1.31700.
Scenario #2 Bearish Gartley at 1.32400.
As we have written today, 1.32440 is one of the major resistance of smaller chart timeframes. It is the MM 5/8 bottom of the trading range and MA 20 in the daily charts. With lack of major macroeconomic catalyst, it would be difficult to breakout this resistance for Sterling Bulls.
MM 3/8 1.31300 or MM 5/8 1.32400 must be broken, otherwise, we continue to see the price trading in a narrow range.
Scenario #3 Bearish Cypher at 1.33800.
This scenario would be valid after a few H4 closings above 1.32400. 1.34200 is the ultimate resistance MM 8/8 and 1.34900 EMA 50 20 Day Periods.
We will focus on 1.32400 and will publish our fresh trade ideas for premium members.
Note
Note
Yes... 1.32440 ... Bulls back in the arena?
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