Trade ideas for GBP/USD

Information is not investment advice

On the D1 chart of GBP/USD the price action conforms to the bearish “Crab” pattern. Currently the market is trying to find the point D. The difficulty with harmonic pattern is that it provides a potential range of reversal and not the exact level. For GBP/USD, this range is between 1.2650 and 1.2760.

Notice that the pair came to the resistance of the 200-day MA and the previous highs around 1.2660. On the H4, there’s bearish divergence. As a result, the pair may test support of the short-term channel around 1.2570. The next levels to watch on the downside will be 1.2520 and 1.2425.

GBP/USD will fall if the US Nonfarm payrolls are better than expected.

Trade ideas for GBP/USD

SELL 1.2625; TP 1.2580; SL 1.2640

SELL 1.2550; TP1 1.2530; TP2 1.2430; SL 1.2565

Elizabeth Belugina

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17.02.2021 10:59 USD/JPY: a SELL opportunity

USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.

10.02.2021 09:38 USD/CAD looks vulnerable

USD/CAD reversed down from 1.2865 last week and formed a candlestick with a long upper wick on the W1.

02.02.2021 10:34 GBP/USD may go for resistance

The 200-period MA just above 1.3650 supported GBP/USD. The pair formed a higher low on the H1.

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