Harmonic trading is mainly a proper measure of price movements using Fibonnacci numbers. Harmonic patterns are formations of movement continuation. Thus, it is important that expected movement will be according to previous trend. Check most efficient harmonic patterns.
EURGBP – Bat Pattern
You can see Bat Pattern which is developing currently at the chart EURGBP. Point B is located near 38,2% of XA. Point C is between A and B, therefore it is convenient that 88,6% level will be tested (this will be the point D). EURGBP doesn’t have clear trend. We can observe side trend for over 6 months there. This fact is a small problem, but point D at 88,6% is strengthened by important resistance. It’s likely that EURGBP will rebound at 0.8730 level. It could start declines to this year’s the lowest level.