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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
GBP/USD Stalking Gartley
- 4H and 1H: The market is keeping the GBP/USD below the 1.6750 area. The market rallied to the 61.8% retracement area in an abcd pattern. The stochastic in the 4H timeframe reflects overbought conditions.
- In the 1H timeframe, we we see topping action at the 127.0% expanded retracement area and subsequent bearish candles suggesting reversal.
- The 1.6250 area is a medium-term support. Projecting the previous swing, our swing target would be 1.6350. An additional confirmation is the break below 1.6650 which was broken as resistance and now tested as support.<><><<>>
> >>>Fan Yang< >>Currency Analyst,< >Commodity Trading Advisor<
