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British Pound / Australian Dollar
Short

Bearish Butterfly Pattern at 2.0287: Potential Pullback

By Andre_Cardoso
GBPAUD

The pair is currently forming a bearish butterfly pattern at the 2.0287 level, aligning with the 127% Fibonacci extension. This setup indicates a potential pullback toward the Fibonacci retracement levels, projected below 1.9850. This scenario implies a retest of the weekly fractal resistance, broken at 1.9884.

  • Bearish butterfly pattern forming at the 2.0287 level.
  • Suggests a potential pullback;
  • Pullback target: Fibonacci retracement levels below 1.9850.
  • Potential retest of weekly fractal resistance at 1.9884.
  • Signs of bearish divergence emerging on the RSI.


Note: Ensure proper risk adjustments and capital protection by setting stop-loss orders and managing position sizes accordingly to mitigate potential downside risk.
Chart PatternsHarmonic Patterns
Andre_Cardoso
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