fxmillions
Long

GBPUSD approaching a possible PRZ for a short?

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             is showing some weakness to move further up. But I still see a possible retest to the trendline support possibly completing a Gartley pattern . For me the price to watch is 1.57000 which has been tested several times and rejected in the recent past.
So short term, I believe there is yet another upward move left. What do you guys think?
This move might work out however it is not a Gartley. Gartley's must reach a minimum 61.8%. It cannot be a Bat either as it JUST manages to close above the 50%
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fxmillions petermp25
Yes, you are right. But I take a close above the 50% just as valid because its already into the 61.8% zone. Besides ratios and harmonics are never pitch perfect, they are just a guide to possible price movement patterns.
Thanks for pointing it out though :)
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petermp25 fxmillions
Fair enough fair enough. Whatever works for you then
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fxmillions petermp25
Cool. I am never that guy who looks only for perfect patterns. May be in the future I might want to be a perfectionist in the world of harmonics. But for the moment, let's hope not. :)
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petermp25 fxmillions
Well I mean obviously I don't expect all my ratios to be perfect, but for the Gartley B point I do need a minimum 61.8 without touching the 78.6, close can be anywhere though. To each their own!
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fxmillions petermp25
Point taken. Thanks again for the heads up.
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This looks very potential FX. Thanks for the share.
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fxmillions buckleforex
You are welcome. Glad it helps.
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This weeks trades are about the data and I do have a GBP long bias.
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Thanks for the confidence booster :)
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