GBP.USD - BEARISH CYPHER SETUP - 1.2515
Updated
On the GBP.USD 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.2515 & 1.2557
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.2400
Stop loss would be placed above X leg structure resistance.
Target 1 - 1.2456
Target 2 - 1.2421
The price reversal zone on this pair is between 1.2515 & 1.2557
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.2400
Stop loss would be placed above X leg structure resistance.
Target 1 - 1.2456
Target 2 - 1.2421
Note
D leg completion at 1.2515Note
Price has now formed a double top with bearish RSI divergence.I am personally not in the trade as i require more confirmation.
Note
Price has now broke above the X leg which invalidates the idea for me.No trade.
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