GBP/JPY APPEARS TO HAVE POTENTIALLY COMPLETED A BEARISH GARTLEY PATTERN, WITH THE C/D LEG COMPLETING ON THE 0.382 RETRACE OF LONG TERM SWING LOW/SWING HIGH.
A SLOW DOWN ON APPROACH TO THE 0.382 RETRACE MAY OFFER UP A LOW RISK HIGH REWARD SHORT OPPORTUNITY, ALLOWING TRADERS TO JOIN NEWLY ESTABLISHED DOWNTREND AT A DECENT PRICE.
RSI IS ATTEMPTING TO PIERCE THE OVERBOUGHT MEDIAN LINE, AFTER HAVING PREVIOUSLY BOUNCED OFF THE 0.50 RETRACE - GBP/JPY APPEARS TO BE RESPECTING FIB LEVELS IN THE SHORT TERM PERHAPS?
THE 188 LEVEL OFFERS REASONABLE STRUCTURAL RESISTANCE LEVEL, A PULLBACK TO 186.50's CANNOT BE RULED OUT.
A SLOW DOWN ON APPROACH TO THE 0.382 RETRACE MAY OFFER UP A LOW RISK HIGH REWARD SHORT OPPORTUNITY, ALLOWING TRADERS TO JOIN NEWLY ESTABLISHED DOWNTREND AT A DECENT PRICE.
RSI IS ATTEMPTING TO PIERCE THE OVERBOUGHT MEDIAN LINE, AFTER HAVING PREVIOUSLY BOUNCED OFF THE 0.50 RETRACE - GBP/JPY APPEARS TO BE RESPECTING FIB LEVELS IN THE SHORT TERM PERHAPS?
THE 188 LEVEL OFFERS REASONABLE STRUCTURAL RESISTANCE LEVEL, A PULLBACK TO 186.50's CANNOT BE RULED OUT.
