GBP/USD Price Analysis: Harmonic bearish patterns expose 1.2200
- GBP/USD's combination of harmonic patterns is a bearish feature.
- A trip into the Fibonacci scale could be on the cards for the remainder of the week with 1.22 eyed.
In the prior analysis, GBP/USD Price Analysis: Bulls in control and eye 1.2350, it was explained that the bulls took out a key resistance and so long as 1.2150 holds, there would be prospects of a rally towards 1.2350 and then 1.2450 for the days ahead:
GBP/USD prior analysis
GBP/USD update
The price respected the support area and subsequently moved higher. However, another W-formation has formed which could see the Gold price move into the neckline prior to the next bullish impulse:
GBP/USD M10 chart
The combination of the harmonic patterns is a bearish feature for the near term and a trip into the Fibonacci scale could be on the cards for the remainder of the week with 1.22 eyed.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
