GBPUSD Turning Bullish, Bat Pattern Fails, Alt Bat Forms

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD Turning Bullish , Bat Pattern Fails, Alt Bat Forms

1. GBPUSD is turning bullish on monthly time frame which can lead to 2 possibilities:
  • Bat pattern that has been formed but not completed yet (0.886 XA not touched yet) gets completed and then we get a bearish move
  • OR as 200SMA is just above, we get a bullish move in coming 2 weeks to complete ALT bat pattern at 2.618 Fib extension of AB which coincides with 200SMA nicely. Then it starts to retrace a bit to form a bearish candle.
2. I am expecting option 2 as 0.886XA has not been touched yet and the price has been forming a flag pattern too. That can give us a Long position on short time frame if this breaks 1.30115 level.

Comment: as expected, the price is getting pulled towards 200SMA


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