GBPUSD Long - 4hr Butterfly Reversal - Entering now, before NFP

Hello all - DuncanForex here with another trade idea

Following my previous trade which did not work out, on a 61.8% retrace approach with a Head and SHoulder pattern on the 4hour chart the price action has now created a butterfly pattern instead.

With the opportunity for a great win vs risk ratio

I have now entered long and looking to ride this through the NFP on Friday.

With USD weakening and other pairs across the board with varying degrees of strength

I expect GBP USD to trade well

With the EURUSD trade holding at the 61.8% retrace level also

I am expecting both these pairs to head higher as the weak unfolds

Thanks for looking

Duncan

Trade ist aktiv:

Hi All

I have entered more trade entries at 1.2580 area based on the last 4 hour candle now closed.

Trade wurde manuell geschlossen:

Hi all - entries closed at entry point before NFP and break even occurred due to price dropping