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.

GBPUSD-FXCOMMENT-17-06-2015

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. 

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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