A probable 'W' like pattern is thought to have completed. At the time of writing, current price is at the 1.5493 level. The expected rise of price is expected to be anywhere between the 1.5460 to the 1.5594 area

Good day Traders, this is Kenny Simon giving a market outlook for this week on the GBP/USD 4Hr chart based on Harmonic Patterns. As seen on the chart below, a probable ‘W’ like pattern is thought to have completed at the D level marked by the blue colored box. Based on historical movements of this pair, the W like pattern below most often signals market ‘Bearishness’ upon completion of this pattern.


GBPUSD 

At the moment, price is progressing upwards towards the D or PRZ area. Previously, prices have often aimed at the PRZ (Potential Reversal Zone) or at the D level before reversing. At the time of writing, current price is at the 1.5493 level. The expected rise of price is expected to be anywhere between the 1.5460 to the 1.5594 area in reference to historical significant support and resistance before potentially reversing aiming downwards to the 1.5370 level marked by the horizontal green line.

Happy Pipping !
Thank you.