📉🌩️ Fundamental Storm Ahead! Prepare for a Bearish Move

We can notice the formation of a bearish Gartley pattern, a reliable harmonic pattern signaling a potential reversal. Adding to the bearish sentiment, we witnessed a bearish engulfing candlestick pattern, providing further confirmation of the impending downward move. Moreover, both the oversold RSI and bearish divergence support this bearish narrative.

Now, let's identify the potential reversal zone for an optimal short entry. It's a crucial area where the bears are expected to take control. The first take profit level sits at 1.24888, representing the 0.382 Fibonacci retracement of the entire wave from point A to point D. As the downtrend continues, our target lies at 1.24100, which aligns with the 0.618 Fibonacci retracement level.

If the market conditions allow, we might witness an even deeper correction towards our second target, which coincides with the lower points of the harmonic pattern. This presents an intriguing opportunity to capture additional profits.

When considering the fundamental aspect, it's essential to note that the Federal Reserve has recently increased interest rates. This move has the potential to boost the value of the US dollar. If the dollar appreciates as expected, it could adversely impact GBPUSD pairs, leading to a substantial correction.

I'd strongly suggest entering a short position from here

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Comment:

adding to the gartley pattern, there is also an AB-CD movement that perfectly fit with the harmonic pattern. with a Reversal zone exactly at the same price, which give more consistency to this setup. this confluence of patterns provide us a high quality setup with high winning rate.

Comment:

First take profit reached, take half

Comment:

the rest was stopped at break even

i may wait the news result before considering a re-entry (within an hour), see the reaction