GBPUSD forming ratios for Gartley pattern

Technically we look for the X to A move with a price reversal at A. Using Fibonacci ratios, the retracement A to B should be 50/61.8% of the price range A minus X, as shown along line X to B.

At B, the price reverses again. Ideally, the retracement BC should be between 61.8% and 78.6% of the AB price range, not the length of the line, and is shown along the line AC. At C, the price again reverses (harmonics at work!). In this pattern, again using Fibonacci rations, the retracement CD should be between 1.27% and 1.618% of the rance BC and is shown along the line BD or a 1 to 1 ratio of AB.

Using this technical pattern we are anticipating the sterling will depreciate against the us dollar towards 1.5330 from its current price at 1.5430.

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