I think the picture is more clear here:still a Butterfly pattern
I already made a bearish forecast for the GBPUSD but maybe with the BXY can explain my point clearer. In march 27 I made a forecast of a Cypher pattern, but it really was a Butterfly, anyway it was a great trade.
For now, in the chart you can see the rising wedge we had been trading in between those gross pink lines since early 2017. The most important thing, is that after thursday election + DXY bullish correction, we can expect the BXY to feel some weakenes in next weeks due political uncertainties about Brexit results and negotiations. Just a guess....
For this trade our EP will be 127.000 SL 127.800, TP1 will be 0.618 fibo retracement for 125.000 and TP2 or 123.200. dont be greedy and take your profits 1 by 1.
For now, in the chart you can see the rising wedge we had been trading in between those gross pink lines since early 2017. The most important thing, is that after thursday election + DXY bullish correction, we can expect the BXY to feel some weakenes in next weeks due political uncertainties about Brexit results and negotiations. Just a guess....
For this trade our EP will be 127.000 SL 127.800, TP1 will be 0.618 fibo retracement for 125.000 and TP2 or 123.200. dont be greedy and take your profits 1 by 1.