GBPJPY Analysis
A bullish gartley setup is forming.
Price has hit the first line of the PRZ, the pattern might be completing in a few hours.
PRZ is about 30 pips on H1 time frame.
Waiting for the UK Manufacturing PMI results to kick in (forecast to be worse than previous).
Good risk to reward, about 2 (TP1) and 3.5 (TP2) respectively.
TP1 : 38.2% retracement of AD
TP2 : 61.8% retracement of AD
SL : 5 pips below Point X
I will update if pattern completes.
A bullish gartley setup is forming.
Price has hit the first line of the PRZ, the pattern might be completing in a few hours.
PRZ is about 30 pips on H1 time frame.
Waiting for the UK Manufacturing PMI results to kick in (forecast to be worse than previous).
Good risk to reward, about 2 (TP1) and 3.5 (TP2) respectively.
TP1 : 38.2% retracement of AD
TP2 : 61.8% retracement of AD
SL : 5 pips below Point X
I will update if pattern completes.