This is an opportunity to capture some pips on the GBPUSD in a trend continuation from a potential Gartley Pattern forming. The sterling dollar has been rallying for weeks and is no in a correction as a result of the Brexit agreement before key European summit next week has been reached between the UK and the EU.
When defining the potential reversal zone (PRZ) for a Gartley Pattern: • B = 61.8% retracement of XA leg. • C = 38.2-88.6% retracement of AB leg. • D = 0.786 XA retracement. • C point within range of 0.382–0.886 retracement. Note: BC projection must not exceed 1.618. • Confluence with AB=CD
• Keep your Risk to 1-2% of your investment capital • Enter at per your trading plan • Risk to Reward 1:2