FxWirePro: GBP/USD forms Bearish Gartley pattern, good to sell on rallies
Harmonic Pattern – Bearish Gartley pattern Potential Reversal Zone (PRZ) - 1.2616 Cable has formed potential harmonic pattern and major trend reversal happens only above 1.2616 level. It is currently trading around 1.250…
Cable has formed potential harmonic pattern and major trend reversal happens only above 1.2616 level. It is currently trading around 1.2501.
The pair has made a high of 1.2559 and declined from that level . It has broken minor support of 1.2500 and this confirms minor weakness. Any break below 1.2500 will drag the pair down till 1.2460/1.2400.Any close below 1.2400 will drag the pair down till 1.23700/1.2320.
On the higher side, any break above 1.2580 will take the pair till 1.2610/1.2640. It should break above 1.2700 for further bullishness.
It is good to sell on rallies around 1.2560 with SL around 1.2620 for the TP of 1.2460/1.2400.
