On the GBP.USD 1hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 1.2371 & 1.2346 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move. There is also an opportunity to look for extended targets at 1.2550 Stop loss would be placed below X leg structure support .
Target 1 - 1.2453 Target 2 - 1.2502
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I have a number of DM's asking how I look for Bat setups and my rules to identify. Full details below.
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A break above 1.2475 will confirm the breakout.
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Price has now broken above the 1.2475 minor resistance level.