Forex GBP/USD Daily Video, January 24, 2020

[Sive Morten]

Good morning,

GBP keeps our former scenario with two-leg retracement down, but the shape of price action probably will be different as now we suggest that cable should climb a bit higher, somewhere to 1.3350-1.3370 area:

 

[soul rebel]

Greetings Sive,
Thanks for all your updates and weekly report.
Looking at Friday's price action on GBP/USD hitting 13175, would you say the COP target is done?
Looking at the 4hr chart there appears harmonic price action compared to last Friday's price action leading me to anticipate a long entry around 13017 (if a harmonic swing down occurs)....?

 

[Sive Morten]

Looking at the 4hr chart there appears harmonic price action compared to last Friday's price action leading me to anticipate a long entry around 13017 (if a harmonic swing down occurs)....?

Hi mate,
COP has not quite reached, but it doesn't matter right now as market mostly stands in reaction on spreading of the virus, so price action now reacts on a bit different factors. As we've got bearish reversal candle on daily chart - probably it would be better to stay a side 1-2 more sessions. Besides, on Wed there will be BoE meeting. Although chances on rate cut have decreased, but not totally eliminated.

 

[soul rebel]

Thanks for your input Sive