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Today’s Trading Edge: GBP/USD Bullish Gartley Pattern Targets 168.00

Posted by Edward Moya on Nov 29, 2013 8:50:00 AM

WWM GBPJPY NOV 29 2013

With thin market conditions likely to persist until early Monday morning, price moves may be limited with the exception of a possible gap on the Sunday open from Saturday’s release of Chinese Manufacturing PMI.  The bullish trend is very much valid and buying on dips will help maintain an aggressive risk/reward ratio. 

Price action on the 15-minute chart above displays a potential bullish Gartley Pattern forming around the 166.50 level.  That level is confirmed with the 70.7% Fibonacci retracement level of the X to A leg and the 161.8% Fibonacci expansion level of the B to C move. 

If valid, traders may see a sharp rally targeting a potential double top pattern around the 167.80 area.     

The trade: Buy GBP/JPY at 166.60 with a stop loss at 166.30 and a take profit at 167.50.  The Risk/Reward Ratio is 1:3. 

Edward J. Moya

Technical Strategist

WorldWideMarkets Online Trading

 

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