Greetings fellow traders, today we are analyzing the GBP/AUD 4hr chart, looking at a potential Bullish Butterfly Pattern.

The pattern has passed the D point during the most current 4hr block. Keep an eye on 1) if this 4hr block closes around the D point, and 2) whether reversal candles form. There is a possible 1:4 risk to reward, with a max of 1:6.

The measurements for a butterfly pattern are detailed below:

B: 0.786
C: 0.386 - 0.886
D: 1.618 - 2.240
X to D: 1.272

Will be looking to enter this trade with some more confirmations after the pattern is completed.

Please share your thoughts!
ButterflyGBPAUDHarmonic Patterns

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