yitiancai
Long

Harmonic channel in GBP/USD: bullish way in 2018

FX:GBPUSD   British Pound / U.S. Dollar
The main theme of GBP/USD in 2017 is a bottoming out, which has clearly formed a bullish channel since March. This bullish channel has been maintained pretty well. At the end of December, the dollar index was about to form a head and shoulder pattern, and again, GBP get support around the channel.

This channel is unusual, it is a bullish channel with a harmonic ratio. For example, the 1.618 times of the 1-2 is exactly to be the target position of the stage(3),
1.618 times of the band of 3-4 formed point 5, which is the long-position target. How do you understand the fio ratio? It's very simple, which means that 2-3 (band) /1-2 (band) = 1.618. This relationship has always been in the pipeline

It is estimated that the next target for the pound is likely to be around 1.3800, which is 1.272 times the range of 7-8 and will also be the lowest in pound sterling in March 2016.What's more, XABCD point could forms a bear butterfly pattern . If it does, long-tern trader must pay attention

If the butterfly is breaken, 1.618 times of the 7-8 band will be the next target.

good luck
Comment: head and shoulder in DXY
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