GBP/USD Price Analysis: Bulls look to 1.297 and a 61.8% golden ratio By ross_burland GBPUSD Technical Analysis
The M-information is compelling and eye a key confluence area.
The following illustrates the market structure and prospects of a reversion along the Fibonacci retracement scale. The M-formation is a bullish reversion pattern with a high completion rate whereby the price would be expected to revert to the neckline of the pattern. However, in this case, the pattern is overextended:
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