JamesKabyemela
Long

Speculation, Likelihood of a retracement on this market

FX:GBPUSD   British Pound/U.S. Dollar
Manufacturing production m/m will be announced in few minutes. I am expecting it to compliment this butterfly pattern . It is unclear whether the market will continue to go bearish as it is in demand and supply zone (area). We are expecting a retracement untill next week. it is time for bears to take profit since it is the end of the week also.

As always keep an open mind, I could be wrong. This news event could be negative so theres a potential of it to go down south. Anyway according to my analysis, there is a divergence on my RSI which confirms the possibilityof going bull and the MACD has crossed up, indicating bullish too

Good luck :)
Happy trading
There's some error there, For people who have taken the long position. Should drop there stop loss 10 pips below, S3
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This pattern wasn't thoroughly measured. I hope everyone didn't follow it as there's an updated one. Thank you
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