The GBP/USD has reached a key resistance level on the D1 timeframe.
GBPUSD is correcting the major rally that started in September 2019. The impulsive move is labelled (i)-(v) in wave A. The correction which seems to be unfolding as a Zigzag in wave B is yet to be completed. I’m looking for price to move higher in the shorter cycle to complete wave (b) of C around 78.6% Fib, then look for a short entry to take advantage of wave (c) of B.
We have not received a harmonic ea alert setup at this point, but if price breaks above 1.334635, then we will look to go long with targets of 1.346719 – 1.358011
If price breaks below 1.308683, then we will go short with targets of 1.298183 – 1.28491

What Others Are Predicting

but the entry for that never happened. It moved up to the 618 on the daily chart . I have actually entered a sell now. Im watching the next support area around 1.3100 and 1.29000 but if the reverse head and shoulders pattern is correct, I can see it moving down to 1.27400 area and even 1.2500 area!


After hitting a low of 1.2905, they have retraced back above 61.8% level of 1.3282.
With stop loss at last high of 1.3520, Risk / Reward ranging from 4 – 5 X depending on entry level, profit target at 1.618 level of 1.2296.
Cheers to another successful week!