Potential Bullish Bat Pattern on the GBPUSD

FX:GBPUSD   British Pound / U.S. Dollar
Hello again all,

It's been sometime since my last post as the market has been pretty directional since then. However, as the title says, looking at a potential bullish Bat pattern setting up on this pair. Stops indicated by the red line and targets indicated in green. I personally will only be taking a two target position on this pair, however I have also highlighted in blue another potential target.

Before I give my reasoning I will first say, I am NOT taking this level as a potential target.

As the market is clearly in a bullish daily trend, there is a case to use the Bat as an entry to hop on to the bullish trend . However, as I have not completed my own personal testing on this method, I cannot use that as a potential target (Just in case you never read it the first time haha!) Looking left, it does look like we have come into an area of resistance though so there could be quite a lot of action at this level. We will see how this market develops!

Lastly, this is not an endorsement to trade, this is just my opinion. Trade at your own risk.

Good luck in the markets!
Trade active
Trade closed: stop reached: Unfortunately stopped out. On to the next one!


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