GBP/USD: Bat Pattern - 1.2985 bearish confirmation level
GBP/USD daily strong bearish engulfing pattern accompanied with strong daily bullish DXY.
If we break 1.2985 and close below it by daily candle then we should extend bear bear forces targeting 1.2929 61.8% fib level, 1.2820 0.786% fib level , and potential 1.2530+ 1.27% extension.
Two months consolidation period.
Currently approaching lower border of ascending channel as a correction major bearish cycle, since we abandoned 1.4300 level.
entry levels at current price or 1.1.3120 - 1.3130
Stop loss or invalidation level 1.3180.
If we break 1.2985 and close below it by daily candle then we should extend bear bear forces targeting 1.2929 61.8% fib level, 1.2820 0.786% fib level , and potential 1.2530+ 1.27% extension.
Two months consolidation period.
Currently approaching lower border of ascending channel as a correction major bearish cycle, since we abandoned 1.4300 level.
entry levels at current price or 1.1.3120 - 1.3130
Stop loss or invalidation level 1.3180.