DimitriosG

EURGBP:Potential Gartley and Butterfly Pattern

FX:EURGBP   Euro / British Pound
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Butterfy Pattern: If the market moves downwards, at 0.783s we might have a Butterfly Pattern formation (Blue) with a potential buy opportunity. Target 1 at a 382 retracement of XD leg and stops 20 pips below D.

Gartley Pattern: If price action completes the Gartley Pattern (Orange), there is a potential opportunity to get short with Target 1 at a 382 retracement of XA and stops 25 pips above X.

In that event, the Butterfly Pattern (Blue) gets invalidated and we might look for a Chypher pattern in the future.

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