GBPUSD: A potential Bat pattern

FX:GBPUSD   British Pound / U.S. Dollar
We have a potential Bat pattern setting up on GBPUSD             with PRZ around the 1.5285 region. This area also confluences with the many fib level which includes the 141.4 and 161.8 inversion + a 127.2 expansion.

Having said that, we also need to take into consideration the fundamental aspects of the market. The FED is likely to increase the interest rates by 25 basis points, and we believe that many investors/traders will be liquidating their long positions after the 16th Dec FOMC. Hence we might see a short term weakness on the dollar.

This might give us the push up towards the PRZ on this technical chart. The medium term aspect on the fundamental is still dovish on GBP and hawkish on USD.

Let's keep an eye on this and see how this pair pulls off!
It may be - then it will be top retest, as I am considering there big ABCD with smaller ABCD and then another smaller ABCD :)
+1 Reply
akyong leszekstanislaw
+1 Reply
Forgot to add another idea. So this bat seems being supporting this
+1 Reply
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