💡 GBPUSD: Bearish Butterfly wing pattern appears
➡️ GBPUSD is maintaining its upward momentum, however in the H4 frame it is creating a butterfly pattern
The Bearish Butterfly pattern will start with a XA downtrend, then an AB uptrend, a BC downtrend, and finally a CD uptick again. With this move combined with the corresponding ratios and Fibonacci levels according to the above rules, the market expects a downward trend from point D. The Bearish Butterfly model has a shape similar to the letter W.
- Upcoming economic calendar: BOE Gov Bailey Speaks
The Bearish Butterfly pattern will start with a XA downtrend, then an AB uptrend, a BC downtrend, and finally a CD uptick again. With this move combined with the corresponding ratios and Fibonacci levels according to the above rules, the market expects a downward trend from point D. The Bearish Butterfly model has a shape similar to the letter W.
- Upcoming economic calendar: BOE Gov Bailey Speaks
Comment:
GBPUSD rebounded to the previous peak around 1.25 and we can see the current upward momentum is quite good. However, whether we can surpass this peak or not remains to be seen by price action.
