GBP/USD Bearish Gartley Pattern – 4 hr. chart

Bearish Gartley pattern has formed on GBP/USD  4 hr. chart.  Reason for trade: AB = CD pattern completion at 1.5951.  78.6% Fibonacci retracement of XA at 1.5966.  Stop above 127.2% extension of XA (this would be a valid Butterfly pattern). Evening Star pattern on Daily chart.  Evening Star pattern would be invalidated if price goes above 1.6000.   Average Daily Range for GBP/USD is about 148 pips, so Short Entry @ 1.5951+148 pips = 1.6099.  This would be a reasonable Stop placement.  The 127.2% Fib. extension is at 1.6043.  I will re-analyze trade if price goes above this level.  Profit target 1 @ 1.5844 ( 10-day EMA ).  Profit target 2 @ 1.5845 ( 20-day EMA & 38.2% Fib. retracement on Butterfly pattern, Daily chart.