I don't believe that current economic sentiment in the UK is bad enough to push price into the 49's over the coming weeks, especially when talk in the uk very much indicates a rate hike which is just a matter of time. The 618 fib retracement of the A-B leg forms point C at 1.50829. This price is previous support. Price currently rests around the lower price channel trend line
. If price continues lower this week I will look to enter LONG around the 1.50820 area. The harmonic AB-CD
pattern which is contained in both bullish
and bearish gartley
patterns has price arriving at point D, roughly the .78 retracement of the X-A leg but that isn't reached until next year should the pattern play out. My opinion is to monitor price on the 4H and daily time frame and await a bullish pattern
to form around the point C price area to add confidence to a long trade.