Is Sterling going bearish? The 'Bat' anyone!
Hello Fellows!
After Friday's jump, GBP/USD seems to be on the verge of D point completion of the 'Bat' pattern. The said jump itself was caught on another pattern (any guesses?).
Anyway, it seems to be approaching structure if you look left; the pair is near the 30th August high, appearing to make a double top on Monday's open (or a while later), in line with the pattern at hand.
It would be quite a low-risk trade if taken, with SL just above the X point which is, roughly, 16 pips (can be doubled, in which case it will be exactly above the August 30th high).
However, if successful, I believe the TP should be kept at the 127.1 XA extension and beyond because sooner or later it should go down hard.
Take care & trade safe!
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