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FxWirePro: GBP/USD forms bearish Gartley pattern, good to sell on rallies

  • Harmonic Pattern Formed - Bearish Gartley pattern
     
  • Potential Reversal Zone (PRZ) -1.5250
     
  • The pair has broken short term resistance 1.5160 and is holding well above that level. It is currently trading around 1.51750.
     
  • Any break above PRZ will take the pair till 1.5280/1.5300/1.5340 level. The pair's minor resistance is around 1.5190 and break above targets 1.5220/1.5250.
     
  • On the lower side the pair's support is around 1.5160 (resistance turned into support) and break below will drag the pair further down till 1.5100/1.5050 level.

It is good to sell on rallies around 1.5250 with SL around 1.5300 for the TP of 1.5155/1.5100

 

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