GBP/USD Butterfly Pattern Analysis
In the current GBP/USD chart, I see a Harmonic Butterfly Pattern forming. The pattern started at point X at the June low and has developed through points A, B, and C, with significant price action.
At the current point, the price is heading towards completing point D, which I expect to be a potential reversal level. Fibonacci analysis suggests that the price could fall near the support level at 1.2900, which is marked in red on the chart. This level also aligns with the 78.6% Fibonacci retracement of the AD leg of the butterfly pattern.
The fact that the price is currently moving below both the 34 EMA and the 89 EMA further adds to the validity of the bearish scenario. However, with any trading activity involving Harmonic patterns, confirmation with other technical indicators is necessary to increase reliability.
At the current point, the price is heading towards completing point D, which I expect to be a potential reversal level. Fibonacci analysis suggests that the price could fall near the support level at 1.2900, which is marked in red on the chart. This level also aligns with the 78.6% Fibonacci retracement of the AD leg of the butterfly pattern.
The fact that the price is currently moving below both the 34 EMA and the 89 EMA further adds to the validity of the bearish scenario. However, with any trading activity involving Harmonic patterns, confirmation with other technical indicators is necessary to increase reliability.
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