We have a potential bearish gartley on this pair and the main question is are we gonna get there? The market at previous structure now and it's showing signs of reversal because the RSI went overbought a few hours ago so we are just gonna play the waiting game and see if we could get another rally that might get us filled on our short position. This market is currently bearish and I expect the bearish trend to continue so hopefully that will happen once our order gets filled
I don't understand, the pattern you posted above was a head and shoulders pattern right? So i'm guessing your stops would have to go above the head i.e above 20858? The right shoulder hasn't touched that price yet. I don't trade head and shoulders pattern so maybe you have a different way of trading it
sunnip
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Good analysis, keep up the good work and thanks for sharing, traders be aware of Thursdays interest rate decision and statement as I think it will move this pair and all GBP pairs either up or down strongly - if this trade is still open!
JoMarshall
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Thanks. Yes we might get a brief rally in either direction but that's all it is 'a brief rally' because once all the dust has settle, technicals will take over and the fact that we've put in a lower low and lower close on the daily chart suggests this market is in a bearish mode but the news on thursday is certainly something to have on the back of your mind.
Agree with your analysis!
Thanks! ;)