GBPUSD Bulls for now, Bears for later
Similar to AUDUSD on my other chart, 2 patterns setting up nicely:
1. The green one is the better one - Bearish bat in formation with key fibs and support/resistance testing. Good 50 pip profit with 1.5:1 risk reward. Good shorting opportunity there
2. The pink one is the less likely one with a cypher in formation, and completion at no strong resistance levels make me think this will spike to hunt stops and so will not be taking this one - but thought of putting it out there
Also believe 3rd Elliot Wave in formation and according to the rules of the 3rd wave not being the shortest, likely to complete the Bat pattern :)
1. The green one is the better one - Bearish bat in formation with key fibs and support/resistance testing. Good 50 pip profit with 1.5:1 risk reward. Good shorting opportunity there
2. The pink one is the less likely one with a cypher in formation, and completion at no strong resistance levels make me think this will spike to hunt stops and so will not be taking this one - but thought of putting it out there
Also believe 3rd Elliot Wave in formation and according to the rules of the 3rd wave not being the shortest, likely to complete the Bat pattern :)
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