Bearish Butterfly Pattern at 2.0287: Potential Pullback
GBPAUD The pair is currently forming a bearish butterfly pattern at the 2.0287 level, aligning with the 127% Fibonacci extension. This setup indicates a potential pullback toward the Fibonacci retracement levels, projected below 1.9850. This scenario implies a retest of the weekly fractal resistance, broken at 1.9884.
- Bearish butterfly pattern forming at the 2.0287 level.
- Suggests a potential pullback;
- Pullback target: Fibonacci retracement levels below 1.9850.
- Potential retest of weekly fractal resistance at 1.9884.
- Signs of bearish divergence emerging on the RSI.
Note: Ensure proper risk adjustments and capital protection by setting stop-loss orders and managing position sizes accordingly to mitigate potential downside risk.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.