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GBPUSD Potential Bearish Butterfly And Short Opportunity

GBPUSD Potential Bearish Butterfly And Short Opportunity

Description: GBPUSD is trading above 1.27200 key support. The bullish movement will continue as long as Cable holds above 1.27200.  The first strong resistance resides at 1.28200. A clear breakout of 1.28200 would carry the price 1.28600-1.28800 region. A bearish butterfly pattern would be completed at D. We will look for a short opportunity.

Time Frame: H4

Trade Period: Midterm

If the pattern becomes validated estimated completion time: 1-2 days

The trend in the Timeframe: Bullish

The trend in the Daily Chart: Neutral

Trade Based On Bearish Butterfly Pattern

The accuracy of the pattern: 93 %

Recommended Lot Size: 0.10 at 10K

Trade: Short

The Area Of The Entry: 1.28600 – 1.28800

Stop Loss: Below 1.29100

Target 1: 1.28400

Target 2: 1.28200

Target 3: 1.27800

Extended Target: ——–

You can view the setup:

Important Note: Targets and stop loss level would be adjusted according to potential D level. Entry notification with modified Targets & Stop Loss will be sent to members.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

GBPUSD Bearish Butterfly: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

 

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