Having been extremely bullish in recent months the Pound has retraced to the 1.36 Area.
The chart on the daily timeframe shows a potential bullish Gartley pattern, this could be used for the bulls to push above the current pattern continuing the bullish trend.
They key points as denoted on the chart are the distinctive 61.8% B point retracement and the 78.6% XA entry point.
We can see from price action the bulls entered on the pattern but failed to push above resulting in a retest.
There are two targets which we will be looking for , 38.2% and 61.8% of AD.
Due to the large nature of this pattern it would simply be used as a market narrative to look for Bullish entries on the lower timeframe, Using these lower timeframes to build a larger risk free position.
The chart on the daily timeframe shows a potential bullish Gartley pattern, this could be used for the bulls to push above the current pattern continuing the bullish trend.
They key points as denoted on the chart are the distinctive 61.8% B point retracement and the 78.6% XA entry point.
We can see from price action the bulls entered on the pattern but failed to push above resulting in a retest.
There are two targets which we will be looking for , 38.2% and 61.8% of AD.
Due to the large nature of this pattern it would simply be used as a market narrative to look for Bullish entries on the lower timeframe, Using these lower timeframes to build a larger risk free position.