GBPUSD outlook

Since my previous analysis, due the pattern I spotted, I was expecting a reverse in price action. In the hourly chart almost every condition to a bullish Gartley pattern was accomplished; in the next graphic you will see the result. I've enclosed in a red rectangle were a long position could be triggered, but probably that could result in a lost. Price did reverse but not for long tearing a part the pattern. A houndred pips down later the actual reverse occur @ 1.4800

The next chart is a 4H where price did retrace when it supposed to. This time with an ABCD pattern and a narrow range where to put the long position (between 1.4819 and 1.4809). That makes me wonder... what the hell? Are price patterns a reliable tool? Not sure.  I do know that price itself is a good indicator.

By now price is heading north @1.5300; if triggered @1.4800 that's a 500pips move. In a specific technical point of view, there isn't any resistance level near, till 1.5382 (wed march 17th high) so more than likely, price should reach that, maybe strugle for a while and continue towards.

In a bigger timeframe, reviewing the weekly chart we can spot a bullish Gartley. Whilst mon 1st march low holds, there is a plenty of room upwards. Probable targets are around 1.9250 or even 2.0600, but again, this is speculative and we have to wait a long time to see if this really happens.

Are fibonacci ratios a secure way to trade? Not convinced, maybe with a sum of other factors.

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