TomP
Long

Bullish Bat pattern in GBP/USD

FX:GBPUSD   British Pound/U.S. Dollar
Following on from my previous post in Cable of trying to identify a BAT pattern whilst we were around 1.5670 the price is now near completion of this potential BAT pattern . Taking a short down to this level would have been quite successful, even identifying a potential BAT pattern early on before the classic buy at completion.

Now the price may rise from around 1.5200 which completes the BAT pattern and is also a potential reversal point from the trendline I have drawn in. This trendline is a speculative one drawn in equal distance away from the existing channel. This seems to work more often than not.

Could target the trendline at the base of the existing channel around 1.5700 with a stop around 1.5070 however if this trade idea works then a smaller stop could be used.

Again, the market will do what it does, this is only an idea.

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