GBPUSD has recently been on an uptrend. A bearish bat is nearing its completion with bearish divergence. This gives us an opportunity for a countertrend trade for the pullback. Other GBP pairs are likewise are at or near their resistance levels. Upon D completion and confirmation of the bearish bias, I will go short. Stop loss is just above X point while the take profit target is at the 38.2 Fibonacci retracement level of the AD leg. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 1.32556
SL 1.33036 | SL pips 48.0
TP1 1.31280 | TP1 pips 127.6
RRR1 2.66
Trade Setup: Possible Bearish Bat
Price Entry 1.32556
SL 1.33036 | SL pips 48.0
TP1 1.31280 | TP1 pips 127.6
RRR1 2.66