GBP/USD weekly: Possible long entries based on harmonics
Cypher C leg at 1.3500 round level or AB=CD further down.
IMPORTANT SIDENOTE: The AB=CD ends below the 1.3500 level which is a major support level, i.e. the level of the 2009 low!
If it breaks and holds below that level, the path could be clear for a major decline towards 1.1500!
For the reason described above I prefer the Cypher scenario, allthough the AB=CD setup is also valid, it might however be a good idea to wait for confirmation on a possible reversal if we ever get to that point...
IMPORTANT SIDENOTE: The AB=CD ends below the 1.3500 level which is a major support level, i.e. the level of the 2009 low!
If it breaks and holds below that level, the path could be clear for a major decline towards 1.1500!
For the reason described above I prefer the Cypher scenario, allthough the AB=CD setup is also valid, it might however be a good idea to wait for confirmation on a possible reversal if we ever get to that point...
