GBP/PLN, D1 - harmonic formation after simple correction
A potential simple ABC correction has been described in an earlier analysis (PL version). After that the pound quite quickly gained against the zloty, which also allowed to mark another potential pattern - harmonic pattern.
It is a possible bullish harmonic structure, which theoretically could mean an attempt to create an upward movement to the area of the first major resistance at 5.17.
It seems that only going below potential support at 4.89 could change the balance of power in this market.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
It is a possible bullish harmonic structure, which theoretically could mean an attempt to create an upward movement to the area of the first major resistance at 5.17.
It seems that only going below potential support at 4.89 could change the balance of power in this market.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
