GBPUSD POTENTIAL BUTTERFLY
We can observe how the price action has created a possible butterfly pattern by point B reaching the 0.786 retracement, point C not going below A and current price action going above X.
We can also see some degree of RSI divergence at the over bought area.
The execute point for the short entry is unclear, as there is strong ratio confluence between the 1.272 and 1.414; and the 1.414 and the 1.618. My personal preference would be to go for the latter.
We can also see some degree of RSI divergence at the over bought area.
The execute point for the short entry is unclear, as there is strong ratio confluence between the 1.272 and 1.414; and the 1.414 and the 1.618. My personal preference would be to go for the latter.
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