GBPUSD: Bearish harmonic pattern completed!
Despite the sharp inclines seen on the GBPUSD pair, but actually, prices have been dominated by a fine Fibonacci rhythmic as seen on the provided eight-hour graph.
Cable has completed an ideal bearish harmonic bat pattern at 88.6% Fibonacci retracement of the XA leg.
The RSI is currently valued at 75.00, while signs of trend exhaustion started to appear on the price actions of GBPUSD.
It is worth mentioning that, coming beneath 1.5680-intarady pivotal support- will activate the bearish structure.
Soft technical objectives resides in the 1.5620 regions, while the protection for sellers resides above 1.5815.
Technical targets for the GBPUSD pair explaining the harmonic formation that has been traced over eight-hour chart and its effects.
Update: The weakness of U.S. dollar with Yellen comments has damaged the probability of Bat pattern.