FxWirePro: GBP/JPY forms Potential Bearish Gartley pattern, good to sell on rallies
Harmonic pattern – Potential Bearish Gartley pattern. Potential Reversal Zone (PRZ) - 140.40. GBP/JPY potential Bearish Gartley pattern is expected to get complete at 139.85 level. The pair recovered sharply from the low…
GBP/JPY potential Bearish Gartley pattern is expected to get complete at 139.85 level. The pair recovered sharply from the low of 138.04.
On the lower side, the minor bottom formed at 137.75 will be acting as major support and any break below will drag the 136.45 (Jan 16th 2017 low).
The major resistance is around 140.40 and any break above confirms trend reversal. Any break above 140.40 will take the pair till 141.26 (50% retracement of 144.78 and 137.75)/142.05.
It is good to sell on rallies around 139.85 with SL around 140.40 for the TP of 138.80/138.
