Forex trading signals GBPUSD harmonic patters

GBPUSD: Bullish Gartley Pattern Hints at Upside Breakout (April 17, 2024)

Arif Chowdhury
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Last Updated on April 17, 2024 by Arif Chowdhury

Key Levels:

  • Current Price: 1.2466
  • 1st Take Profit: 1.2585
  • 2nd Take Profit: 1.2615
  • Stop Loss: 1.2396
Forex trading signals GBPUSD harmonic patters
Forex trading signals live with take profit and stop loss

Technical confluence identified for a potential long trade in GBPUSD:

  • H4 Chart: A bullish Gartley harmonic pattern has emerged and completed its formation, suggesting a potential trend reversal to the upside. Harmonic patterns, when aligned with other technical indicators, can provide high-confidence trade setups.
  • M15 Chart: Price action on the M15 timeframe strengthens the bullish bias. A strong uptrend has recently initiated, indicating momentum building behind the potential breakout. This reinforces the bullish signals from the H4 Gartley pattern.

Trade Strategy:

  • Entry: Long above current price (1.2466) with a stop-loss placed below the Gartley pattern’s completion point at 1.2396 on the H4 chart.
  • Take Profit: Two potential take profit levels are identified based on the harmonic pattern: 1.2585 and 1.2615. These levels represent the Fibonacci extensions of the Gartley pattern and offer attractive risk-reward ratios.

Overall, the confluence of the bullish Gartley pattern on the H4 timeframe and the strengthening uptrend on the M15 timeframe presents a compelling opportunity for a long trade in GBPUSD. Strict adherence to risk management protocols, including stop-loss placement, is crucial for capital preservation.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any trading decisions.