In my last post on this pair I was looking at the cypher pattern on the hourly charts for a bearish continuation, only to be surprised by the market trading higher. When I checked the daily charts, this was no surprise because all the signs are there. Here on the daily chart we can see a nice illustration of a M shaped formation, which happens to be a Gartley pattern. Now both the 38.2% and 61.8% profit targets have already been reached, but we could potentially see this market struggle its way up to an extended target.
A smaller ABCD pattern is also appearing on this chart:
Demand coming from 0.786 abc projection, clustering with 127.2% ab extensions.The initial support is located at the AB=CD completion point clustering with the 61.8% retracement.
Will be very interesting to trade this pair in the following week.
As always, good luck to all trading GBP/JPY!!
A smaller ABCD pattern is also appearing on this chart:
Demand coming from 0.786 abc projection, clustering with 127.2% ab extensions.The initial support is located at the AB=CD completion point clustering with the 61.8% retracement.
Will be very interesting to trade this pair in the following week.
As always, good luck to all trading GBP/JPY!!
