GBPUSD 1 hour Idea: Structural Play with Possible Bat Pattern

FX:GBPUSD   British Pound / U.S. Dollar
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  • Price action making lower lows ( bearish sentiment)
  • 3 Drive Pattern forming
  • Price action currently within structural level that matches a 0.382 AB and 0.5 AB Fib retracement along with a 0.618 and 0.786 retracement from last lower high to B point
  • Possible Bullish Bat pattern is forming with completion at a structural level between 1.524 and 1.528.
  • Bat pattern completion matches a 1.618 AB extension
  • 3 Drive pattern completion matches a 1.272 BC             extension (note: C point not set… still a variable) and 1.13 AB extension. Within a minor structural zone.

  • Case 1: Price action reverses within reversal zone and continues towards 1.534 where we have a Fib cluster within a structural zone. Price action may bounce off of this level to make a retracement before possibly heading down to Bullish Bat Pattern completion (too early to definitively say).
  • Case 2: Price action breaks through reversal zone. Sentiment changes to Bullish with retest of [b[ 1.55 (psychological level)
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