GBPUSD EXPERIENCING A CORRECTION MOVE

Tendency: Temporary Downtrend ( Bearish )
Structure: Harmonic | BAT
Observation: i. impulse XA leg is observed.
ii. Point B retraces to 0.5 of XA.
iii. BC retraces 0.618 of AB.
iv. CD is a 1.618 extension of AB.
v. Point D completing at a 0.886 retracement of XA completes the pattern.
vi. Price action rejects the 1.30000 zone making it a resistance.
vii. Expecting a correction of the impulse move CD to halt a 1.618 retracement at the 1.25000 zone before a rally to the upside.
viii. Price action slicing through the Moving Averages on the lower time frames.
Trading Plan: SELL now or after correction move from 1.27000 into 1.28700 with a potential TP1 and TP2 (355pips) and SL @ 1.30700/1.32500 zone.
Risk/Reward: 1/3
Potential Duration: 10 to 15 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space (https://t.me/nirvanaconsorts) for follow up plan on lower time frames as price action is been monitored.

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