GBPUSD - Bat pattern completion at 1.24

Hey guys, welcome to my weekly update once again.

This week I will talk about the pound.

Pattern identification

Bat pattern completes at 1.24.

This a bullish bat pattern where the bias is to buy low around the XA 88.6 fib retracement.

Execution Idea

This is a type 2 execution, where the PRZ is tested the 2nd time round.

With further weakness on the USD, I will not be surprised if GBPUSD goes up next week.

Based on the pattern, SL should go below the X level around 1.2370.

Profit target will be the B point of the pattern around 1.2470.

Feel free to drop me any questions!

Good luck and good trading!

Anulowano zlecenie:

What a pity to miss my entry by 2 pips on Monday morning.

This setup move exactly as I wanted.

We have a breakout of the bigger triangle, guess gbpusd will be heading much higher from here on.