I've been waiting for this gartley for a while and it seems that its almost time for execution.
Macro: Positive Current Account figures and Markit Manufacturing & Services PMI
On the downside we have weak inflation, retail sector performance and Trade Balance.
We could see market calming down after noisy week.
Also, positive data from EU still not priced in ...
I see scenario 1 being the most likely one due to fundamental factors that are likely to affect the price in the next weeks. If prices rally at 61.8 then we are looking at taking profits at the 1.27 extension.