GBPJPY 60min - Gartley Pattern completion

2015年1月24日

What we are looking at here is a potential Gartley pattern that would give the GBP a little relief rally in it's otherwise bearish trend.
We have a Fibonacci confluence of the XA 886 retracement, the AB 1.272 extension and the BC 1.414 inverted extension at approximately the same level. The pattern should complete in the PRZ zone which extends down to X which is a level that is likely to be tested again before the reversal.

Personally I would go long just below the 176.00 even handle and put stops min 10 pips below X. Targets are the 382 and 618 retracements of the CD move.

We could see a potential reversal down around both targets for a move further down and a continuation of the trend.