GBP/USD Bullish Butterfly Pattern a Last Call for Bulls
One last shimmer of hope for a bullish retracement next
week. If price closes or remains above the 1.3300/05 level
by the end of this week, there might yet be a chance of
a bullish correction next week.
Fundamentally speaking there is no question that GBP/USD
will head lower, from a technical perspective a retracement
to at least the 1.3500 would be required to enter further
short trades.
Trade long (RvR ratio 2:22)
Entry: Close above 1.3331 (point B)
S/L: 1.3290 (1.130 of XA)
T/P 1: 1.3377
T/P 2: 1.3422
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
week. If price closes or remains above the 1.3300/05 level
by the end of this week, there might yet be a chance of
a bullish correction next week.
Fundamentally speaking there is no question that GBP/USD
will head lower, from a technical perspective a retracement
to at least the 1.3500 would be required to enter further
short trades.
Trade long (RvR ratio 2:22)
Entry: Close above 1.3331 (point B)
S/L: 1.3290 (1.130 of XA)
T/P 1: 1.3377
T/P 2: 1.3422
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading