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%
fxmillions
⋅
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 :)
petermp25
⋅
Fair enough fair enough. Whatever works for you then
fxmillions
⋅
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. :)
petermp25
⋅
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!
fxmillions
⋅
Point taken. Thanks again for the heads up.
buckleforex
⋅
This looks very potential FX. Thanks for the share.
fxmillions
⋅
You are welcome. Glad it helps.
Rookie
⋅
This weeks trades are about the data and I do have a GBP long bias.