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GBP/USD: bearish “Crab” pattern
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
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