GBP.USD - BEARISH CYPHER SETUP - 1.2348
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 1.2348 & 1.2387
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 1.2228
Stop loss would be placed above X leg structure resistance .
Target 1 - 1.2291
Target 2 - 1.2254
The price reversal zone on this pair is between 1.2348 & 1.2387
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 1.2228
Stop loss would be placed above X leg structure resistance .
Target 1 - 1.2291
Target 2 - 1.2254
Note
If we see a break and close above 1.2300 we should then expect a D leg completion.Note
Price hit D leg at 1.2348 potential short from here.Note
Target 1 should be attained if you entered at 1.2348
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