FxWirePro: GBP/USD forms bullish Bat pattern, good to buy on dips
Harmonic Pattern Formed – Bullish Bat Pattern Potential Reversal Zone (PRZ) -1.23000 Cable has formed bullish bat pattern in daily chart and is currently trading around 1.23760. The pair declined till 1.23596 and slightl…
Cable has formed bullish bat pattern in daily chart and is currently trading around 1.23760.
The pair declined till 1.23596 and slightly recovered from that level till 1.24260. Cable major support is around 1.23000 and any break below confirms minor trend reversal. Any close below 1.2300 will drag the pair till 1.2240 (61.8% retracement of 1.19048 and 1.27747).
On the higher side, 1.25100 will be acting as major resistance and any close above will take the pair to next level till 1.2575 (55- day EMA)/1.2650. The minor resistance is around 1.2445.
It is good to buy on dips around 1.23500 with SL around 1.23000 for the TP of 1.2440/1.2500
