GBP/USD: bearish “Crab” pattern

GBP/USD: bearish “Crab” pattern

2020-06-05 • Updated

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.

GBPUSDDaily.png

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

GBPUSDH4.png

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