GBPAUD - Potential bullish bat pattern

This pair is signing lower highs lower lows and broke below the B-point of the potential bat pattern. We already saw a spike into the potential reversal zone (yellow) on Friday and it since failed to break above the previous high leading me to thinking that a further descent certainly is possible. The bat completes at the .886 retracement of XA which is confluent with the 1.618 extension of AB.

This is a longer term trade (most probably a couple of days) and the Risk/Reward ratio is good. However, as X is over 100 pips away and stops need to go below that we are looking at a quite large stop loss, so make sure that you check the risk profile before you enter this trade. A potential reward of 270 pips to target 1 and 450 pips to target 2 could be yours.

Good luck and may the pips be with you !