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Short

Bearish Alt. Bat Pattern

FX:GBPUSD   British Pound / U.S. Dollar
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Bearish Alternative Bat Pattern

GBP/USD as GBP/JPY is still in a bullish medium term trend,
however Cable, too, is getting overbought on smaller time
frames. This is evident also with a close look at the RSI
indicator where the bullish trend has been broken multiple
times, and it seems to have difficulty getting above the
bullish trend line at the moment, hence, opening up a short
trade opportunity.

Trade 1 Short ( RvR ratio 2:1)
Entry: Close below 1.3123 or at CMP
S/L: 1.3171
T/P 1: 1.3028

Trade 2 Short ( RvR ratio 2.12)
Entry: Close below 1.3028
S/L: 1.3090
T/P 2: 1.2897

Trade 3 Short ( RvR ratio 2.6)
Entry: Close below 1.2897
S/L: 1.2940
T/P 3: 1.2785

As always, scale out your profits and adjust your stop/loss
to suit your risk management profile.

Happy trading
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